Trade setup: Bullish Breakout from Channel Down pattern, which could be beginning of a trend reversal. Price has made a Higher Low and Higher High, also a bullish indication. There’s selling pressure near $25K-$26K resistance zone. Wait for price to 1) break above $25-26K resistance, or 2) pull back near $20K for a swing entry.(set a price alert).
Trend: Uptrend on Short-Term basis, Neutral on Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
OBV (On Balance Volume): is declining, indicating that volume on Up days is lower than volume on Down days. Hence, demand (buyers) is below supply (sellers).
Support and Resistance: Nearest Support Zone is $20.0K, then $17.5K. The nearest Resistance Zone is $26.0K, then $29.0K – $31.0K.
Trend: Uptrend on Short-Term basis, Neutral on Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
OBV (On Balance Volume): is declining, indicating that volume on Up days is lower than volume on Down days. Hence, demand (buyers) is below supply (sellers).
Support and Resistance: Nearest Support Zone is $20.0K, then $17.5K. The nearest Resistance Zone is $26.0K, then $29.0K – $31.0K.
Avange-Lina