SingularityNET (AGIX) - 40% correction??

On the above 4 day chart price action has risen 800% since last October. A number of reasons now exist to be short, including:

1) Price action support has failed.

2) Regular bearish divergence. This negative divergence can also be found on the BTC pair of the token (below).

3) Price action is following the Gaussian channel after a strong rally as shown on the daily chart below. This is bearish. If you notice price action entering the channel it is very likely to test the lower side of the channel, currently a 40% correction away.

Is it possible price action continues up? Sure.
Is it probable? No

Ww

AGIX.BTC negative divergence

Gaussian channel support

Trade active

Past support confirms resistance.

Note

30% correction so far.

Trade active

Price action fails to hold 3-day/50-SMA support. Look left to know what happens next ;-)

Trade active

Only another 26% to go until target

Trade closed: target reached

A the red mist descends the bulls finally capitulate.
Price action is certainly oversold at the moment but is not a long opportunity until confirmation of support on past resistance, which is 50 cents. Failure means a further 50% correction to 25 cents. There is no buy signal at this time.

Weekly

Note

A strong buy signal printed recently.
Watch for market structure building price action around 80 cents in late July.
This would confirm the bull flag with a impulsive move to 3.70

2 day

without_worries

BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy

Weblink: patreon.com/withoutworries

Allow 3-6 months on ideas. Not investment advice. DYOR

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without_worries

BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy

Weblink: patreon.com/withoutworries

Allow 3-6 months on ideas. Not investment advice. DYOR

Also on: