There is evidence for such a move. On the above 5 day chart price action has corrected 99% (August 2023 share split accounted for). A number of reasons now exist to consider a long position, including:
1) Price action and RSI resistance breakouts. This breakout occurs after 1071 days of resistance.
2) Market participants are opening up long positions on every test of the golden ratio. See daily chart below. You have to look left until early 2021 to see a repeat of this behaviour.
3) The falling wedge is used to forecast a target area. Oddly enough that target area is matched by the top of the downtrend channel.
Is it possible price action continues the downtrend? Sure.
Is it probable? No.
Ww
Type: trade
Risk: <=3%
Timeframe for long: sooner than late
Return: 1500% at least
Golden ratio test (green line)
1) Price action and RSI resistance breakouts. This breakout occurs after 1071 days of resistance.
2) Market participants are opening up long positions on every test of the golden ratio. See daily chart below. You have to look left until early 2021 to see a repeat of this behaviour.
3) The falling wedge is used to forecast a target area. Oddly enough that target area is matched by the top of the downtrend channel.
Is it possible price action continues the downtrend? Sure.
Is it probable? No.
Ww
Type: trade
Risk: <=3%
Timeframe for long: sooner than late
Return: 1500% at least
Golden ratio test (green line)
İşlem aktif
Past resistance confirms support.Not
Dips are opportunities. . when there's blood on the streets.50min chart, or last three months
İşlem aktif
For the 3rd time since this idea was published... Past resistance confirms support.When will sellers learn?
Not
Past resistance confirms support.Took a while, but it is now confirmed.
Not
This is possibly about to pop sooner than late.. as in before end of year.Not
GRM support confirmed... whenever this happens... Not
A very good long moment... Not
Got to hold $3 to remain valid.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.