Following a clear breakout from the Ascending Triangle to 370 and with good support forming here, a gain of 240 points was made. RSI is rising firmly (red) above the long term trend (yellow). A continuation of this trend until the overbought region will take us until end of April. Volumes are rising steadily. A mirrored gain of 240 takes us to a new revised target of 600. Please note the timescales used for all Averages and RSI are long term (144 - Fibonacci) and Overbought and Oversold regions on RSI have been adjusted to match the RSI @ 51 Oversold and 71 Overbought.
Komentar
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Target reached although rather quicker than indicated! We should see support forming here before moving on. The last couple of days have formed an excellent flagpole (ready for the next flag/pennant/triangle). Likely new target (based on previous) 800 - 1000 although this has yet to be indicated on chart.
Komentar
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Well having hit the target on schedule and then forming support at it (600) ready for the next leg, we had the crypto wide sell off. BNB Survived the selloff well with what looks like support forming at the previous base line of the ascending triangle (yellow). BNB and ADA (two I follow) survived better than most.
@henrypike0509,
Short Term Gain to 1.6 Top of Price Trend.
1 Note Positive Price Trend with Negative Indicator Trends (Yellow) Signals Negative Divergence and change of price direction.
2 However positive news affects ADA.
Points 1 & 2 produce a critical juncture for ADA marked in Red on Price RSI and MACD.
NB Use of Fibonacci numbers long length 144 on all indicators.
henrypike0509
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@Paul_Erasmus, closed my position at 1.6. Made a nicely 5k. Thanks man.
henrypike0509
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Seem like Ada is trying to break the 1.5 resistance mark again. Hopefully we will see price discovery soon.
@Paul_Erasmus, Wicked, I re-entered at $1.55 closed my position at $2.10, happy with the gains so no matter if price still rocketing. Any updates on Bnb? I see Btc is struggling at 48k and we may see 42K which would drag BNB to 480 or even 350 as BTC support area at 42k. So would be great to see your update on Bnb
Paul_Erasmus
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@henrypike0509, No BNB update but clearly the last target was reached and has now formed good support @ 600 with LT 144 RSI Still in upward trend so would expect further gains however without more analysis... and of course we have the Elon Musk saga regarding BTC PoW environmental factors, yeah right the CEO and Board of a Public Listed Company made a decision (publicly announced) and then reversed it a few weeks later??? ROFLMAO... On a long term basis I still have every faith in BTC but the current chart does looks terrible, agree with support @ 42 - 45 :)
There is however a further update being published shortly regarding ADA which is of-course PoS! ;)