The Celsius Token (CELUSD) broke today above its 1D MA200 (orange trend-line) for the first time since September 07 2021. It is important to see the price close above that level too, as technically a lot of investors could take profits aggressively here. In that case, expect a pull-back to the 1D MA50 (blue trend-line) and sustainable trading within the Channel Up that started after the June 13 Low.
A closing above the 1D MA200 though, should be enough to catapult the price towards the Resistance Zone of February - March 2022. It would be best to take a short-term buy break approach and target the upper Fibonacci levels (1.382, 1.5, 1.618). At the same time, the MACD on the 1W time-frame is way past its May/ June oversold state, at the highest levels since July 04 2021, giving a strong indication that the Bear Cycle is over.
You know whats going on, dont you. Celsius is bankrupt and restructuring under protection from Chapter 11 bankruptcy. During this time, most CEL liquid supply is locked on the platform. The supply that is being traded is going up because the short sellers must close their positions before it becomes too expensive to hold them. CEL could therefore be an excellent buy. Temporarily. This is an exceptional situation which cannot be generalized to the overall market bear cycle.