ADX - trapped again, where to go?
ADX is in an old consolidation channel, similar to the one after the big pump and before the huge correction. Big resistance is shown in the blue box.
The price broke into the cloud is no heading sideways. Conversion line (blue) is below base line(yellow).
RSI shows an slightly oversold market and is heading downwards. Depending on the current 4h candle, a change in movement direction can might be seen. (from bearish to bullish)
A first important step would be a strong bounce from the bottom of this channel so we can be sure that this support holds and will not break like the first one. If you buy in now, place a stop loss below this channel.
The next target would be breaking through the channel and reaching the strong resistance.
The price broke into the cloud is no heading sideways. Conversion line (blue) is below base line(yellow).
RSI shows an slightly oversold market and is heading downwards. Depending on the current 4h candle, a change in movement direction can might be seen. (from bearish to bullish)
A first important step would be a strong bounce from the bottom of this channel so we can be sure that this support holds and will not break like the first one. If you buy in now, place a stop loss below this channel.
The next target would be breaking through the channel and reaching the strong resistance.
Comentarios:
Due to SegWit2x BTC update, many alts are going down because a hardfork into Bitcoin and Bitcoin (Gold?) is expected. People are selling ALTS to get their BTC and receiving free Bitcoin Gold coins similar to what happend during Bitcoin Cash hardfork.