June 202: Bullish break EMA on the monthly chart.
November 2022: Correction looks like a retest of EMA breakout.
Could be potential long-term upside.
Target: test of Covid high levels, just above $30.
Scenario falsified if 3 line EMA setup (red > orange > green) fails.
Potential trigger of failed scenario:
a) EMA 20 resistance (currently ca $21,5) proves too hard to break.
b) Momentum indicators turn ugly.
This does not constitute financial advice, do your own research, look first, then leap, etc.
Good luck everyone!
November 2022: Correction looks like a retest of EMA breakout.
Could be potential long-term upside.
Target: test of Covid high levels, just above $30.
Scenario falsified if 3 line EMA setup (red > orange > green) fails.
Potential trigger of failed scenario:
a) EMA 20 resistance (currently ca $21,5) proves too hard to break.
b) Momentum indicators turn ugly.
This does not constitute financial advice, do your own research, look first, then leap, etc.
Good luck everyone!
Comment:
Proof-reading: The chart text should say "Bullish EMA break (monthly)" and nothing else.
Comment:
So far so good.
On the plus side:
+ We did get a formal buy signal on the monthly chart (bull/bear trend) as Nov 2022 closed.
+ The EMAs keep performing the way we want them to.
Some possible negatives, though:
– Momentum is struggling. Overall, the situation could be mirroring the rejected bullish move during summer 2016, where momentum hardly reached positive territory (despite increasing price). The 2016 move did NOT include the sought-after EMAs behavior, though.
– Andean Oscillator is laggy by nature, by I do want to see some retraction of the red line there, it has been quite unaffected by the last couple of months' increasing price. At least by March 2023, a red line drop would be ideal.
Good luck!
On the plus side:
+ We did get a formal buy signal on the monthly chart (bull/bear trend) as Nov 2022 closed.
+ The EMAs keep performing the way we want them to.
Some possible negatives, though:
– Momentum is struggling. Overall, the situation could be mirroring the rejected bullish move during summer 2016, where momentum hardly reached positive territory (despite increasing price). The 2016 move did NOT include the sought-after EMAs behavior, though.
– Andean Oscillator is laggy by nature, by I do want to see some retraction of the red line there, it has been quite unaffected by the last couple of months' increasing price. At least by March 2023, a red line drop would be ideal.
Good luck!
Comment:
This is to note that we DID get a bullish confirmation in terms of the red line dropping In the Andean Oscillator, monthly chart. We didn't get it in March 2023, but in April 2023, and that's just details. Overall, this is very good in my book.
Obviously we've seen quite a substantial price run since the retrace to ca USD 20 back in March, so I wouldn't be surprised if we see'll a period of consolidation or even a drop taking the price back to UDS 22-ish. A drop bigger than that, though, would be concerning and possibly de-confirm the hugely bullish scenarios playing out lately. Upside: first real test USD 27-28 area.
So in summary:
+ Bullish confirmation on monthly chart
+ Reaction after the extended pricer possible
+ Important support: USD:22 area
+ Important resistance: USD 27-28 area
Good luck!
Obviously we've seen quite a substantial price run since the retrace to ca USD 20 back in March, so I wouldn't be surprised if we see'll a period of consolidation or even a drop taking the price back to UDS 22-ish. A drop bigger than that, though, would be concerning and possibly de-confirm the hugely bullish scenarios playing out lately. Upside: first real test USD 27-28 area.
So in summary:
+ Bullish confirmation on monthly chart
+ Reaction after the extended pricer possible
+ Important support: USD:22 area
+ Important resistance: USD 27-28 area
Good luck!