AMB/BTC Multi Time Frame Analysis: Bullish Outlook

AMB/BTC is a coin which is bleeding for 90% of the time, scroll back on the chart to check it out. However, every once in a while the coin comes back to life with a sudden increase of 200%-400% in value.

Seeing that X/BTC pairs are picking up some of the value they lost over the last few months, I think that AMB could be one of the potential short term winners.

As seen on the weekly chart, the price action has shifted to be cautiously bullish. Most of the time these strong bullish reversals start with small candles and end up with very big one, as seen on the weekly chart.

Since the reversal might be a bit premature, I'm looking at the daily chart for potential targets. I've marked R1 and R2 as short term areas of resistance. If you're feeling fancy, feel free to place your profit target much higher. I want to see more confirmation before that.

Happy trading!