ai16z - can the bull survive? ai16z went through a major correction from $2.40 to $0.91. It started to recover and reached $1.64 at Fib 0.5 level, however, the price is dropping again.
4H MACD is in the bull territory. 4H Stochastics is in the bear territory but is about to roll back up. I consider Fib 0.236 as the last line of defence for the bull, so ideally I don't want the price to drop below that level. So I need to keep a close eye of its price action in a lower time frame.
When you go to the 1H chart, the price is currently travelling inside the narrow descending parallel channel. All momentum indicators in 1H are in the bear territory.
i am not trading ai16z. I hold a large amount of ai16z and haven't sold any. My overall bias for this project is bullish, until the chart set in a higher time frame (daily and weekly) becomes strongly bearish.
