✴️ Circuits of Value Recovers From ATL Breaks Descending Channel

10 Jul 2023

We just looked at a similar chart in HIFIUSD where a descending channel was prominent, so we have the same situation here.

The greatest of news when looking at bullish signals is the fact that a new All-Time Low has been hit and even better is the fact that a recovery is already priced in.

Circuits of Value (COVAL) hit this new All-Time Low exactly on 10-June but quickly recovered and is now trading above its December and November 2022 low. These lows were strong support levels so trading above opens the door for bullish potential.

The fact that the recovery follows almost immediately also tells us that this is just a sort of liquidity hunt move, shakeout or stop-loss hunt event, all similar market moves.

Having this information makes the analysis pretty easy for us as we can skip the indicators and all the rest.

As long as COVALUSD trades above these levels, the dashed blue lines on the chart, the potential is there and active for growth.

If the pair goes below, it would be wise to close any position at a loss and wait for a new support level/low to be established before buying again.

Some other people just keep their position and accumulate on each drop. Others just wait and let it play.

This is the time to buy and hold focusing on the long-term.
Let me expand a little bit and tell you why.

The January bullish wave produced around 250% growth, this is with a weak market, with a weak Bitcoin and sentiment being the worst.

A new bullish wave can literally be twice as strong, it can be even stronger... And that's my point.

This is of course just my view and my translation of the charts. I can be wrong or market conditions can always change, in fact they are always changing so make sure to be prepared and plan ahead.

I would like to once more thank you for reading.
I would like to extend my appreciation for your amazing and continued support. Through the highs and through the lows.

Namaste.