Playing with sugar
Let's start with observing 2W chart, here we can see that:
1) price has been grinding across the trendline, which acted as resistance
2) following rejection at the resistance, we had a move down to ~0.174 range which formed a strong support
3) If the week closes at 0.18335 or higher, we have an official breakout from this sub-structure and impulse should take it to the former high, above 0.2.
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2D chart clearly demonstrates how the price has just broken through the resistance line. The next logical target is indeed the range between 0.2 and 0.22.
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Let's zoom out further, monthly chart.
Observing this chart, I would presume that there will be a battle to take out resistance over 0.2, but after that is broken we will likely see a significant run toward old highs, between 0.31 and 0.35.
1) price has been grinding across the trendline, which acted as resistance
2) following rejection at the resistance, we had a move down to ~0.174 range which formed a strong support
3) If the week closes at 0.18335 or higher, we have an official breakout from this sub-structure and impulse should take it to the former high, above 0.2.
__________________________________
2D chart clearly demonstrates how the price has just broken through the resistance line. The next logical target is indeed the range between 0.2 and 0.22.
_________________________________
Let's zoom out further, monthly chart.
Observing this chart, I would presume that there will be a battle to take out resistance over 0.2, but after that is broken we will likely see a significant run toward old highs, between 0.31 and 0.35.
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