Following an overbought condition (green column) a 80% correction occurred from August on the above 1-day chart. We now have a oversold condition (orange column) presenting an excellent opportunity.
Some facts:
1) Past resistance (January 2020) is tested as support. Today’s price action confirms support (orange line).
2) Yesterday’s price action closed higher with little to no shadow to the upside printing a Dragonfly DOJI. That reversal was confirmed today with the higher high closing price suggesting a lot more momentum is to come.
3) RSI resistance was recently broken and confirmed as support.
4) Stochastic RSI is oversold and now crossing upward.
Is it possible more downside is to come? Absolutely.
It is probable more downside will occur? Unlikely. The risk reward ratio at this moment in time is excellent.
Some facts:
1) Past resistance (January 2020) is tested as support. Today’s price action confirms support (orange line).
2) Yesterday’s price action closed higher with little to no shadow to the upside printing a Dragonfly DOJI. That reversal was confirmed today with the higher high closing price suggesting a lot more momentum is to come.
3) RSI resistance was recently broken and confirmed as support.
4) Stochastic RSI is oversold and now crossing upward.
Is it possible more downside is to come? Absolutely.
It is probable more downside will occur? Unlikely. The risk reward ratio at this moment in time is excellent.
Trade active
Trade active
Note
80% to the upside so far - still much more room for upside, be patient.Note
370% - alt-coin season be here.Note
Now up more than 700% in 4-months. Should be taking profits!Stochastic RSI is crossing down 80, expect a 10-20% pullback before continuing uptrend.
Note
2500% - fantastic.Two overbought conditions so far (green columns). For the moment they are likely to continue for as long as RSI support holds.
Trade closed manually
Well done if you secured profits at overbought conditions!
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.