- After the significant impulse move, we made it above the 0.382 Fib in our retracement, and it is providing good support at the moment.
- However, Stoch RSI is now looking over-cooked/ overbought on some higher timeframes - namely on the daily and 3-day charts, and a cooling-off period would be pretty welcome and healthy.
- The cool-off could either be in the form of sideways-ranging prices over the next few days or a pullback to retest either the 0.80 psychological support or the lower 0.74 (0.236 Fib) support.
- This would help bring RSI back to the goldilocks zone and resume momentum for the next leg up.
- The cooling-off and "re-fuelling" is much needed to build strength/volume and momentum required to break fairly strong psychological resistances awaiting us at the $1.00, $1.10 and $1.30 price points.
- The next target on the way up is likely to be the golden zone between $1.04 (Fib 0.618) and $1.07 (Fib 0.65) in the fib retracement.
Some positives to note:
- On the daily chart - the price broke well through both 20MA and 50MA; we shall, however, need to wait a few days before these two MAs cross over, which would be an extremely bullish signal.
- On the 3-Day chart, 20MA is also broken, but the 50MA is providing some resistance. Breaking above the 50MA will give further bullish confirmation and will likely lead to another impulse move to the upside.
The next few days are going to be quite interesting. I hope you are all strapped in.
Stay safe and happy trading!!!
*This is not investment advice - Please rely on your own due diligence.
Feel free to follow me for regular updates.
- However, Stoch RSI is now looking over-cooked/ overbought on some higher timeframes - namely on the daily and 3-day charts, and a cooling-off period would be pretty welcome and healthy.
- The cool-off could either be in the form of sideways-ranging prices over the next few days or a pullback to retest either the 0.80 psychological support or the lower 0.74 (0.236 Fib) support.
- This would help bring RSI back to the goldilocks zone and resume momentum for the next leg up.
- The cooling-off and "re-fuelling" is much needed to build strength/volume and momentum required to break fairly strong psychological resistances awaiting us at the $1.00, $1.10 and $1.30 price points.
- The next target on the way up is likely to be the golden zone between $1.04 (Fib 0.618) and $1.07 (Fib 0.65) in the fib retracement.
Some positives to note:
- On the daily chart - the price broke well through both 20MA and 50MA; we shall, however, need to wait a few days before these two MAs cross over, which would be an extremely bullish signal.
- On the 3-Day chart, 20MA is also broken, but the 50MA is providing some resistance. Breaking above the 50MA will give further bullish confirmation and will likely lead to another impulse move to the upside.
The next few days are going to be quite interesting. I hope you are all strapped in.
Stay safe and happy trading!!!
*This is not investment advice - Please rely on your own due diligence.
Feel free to follow me for regular updates.