I have been scrolling through my list and i was staring with my mouth open for a while looking at this chart. Wondering, how the F did i miss this perfect setup. Maybe on of the easiest a trader can encounter when doing TA and trying to find a nice pattern. I know one of the main reasons is that i have not been around much as i used to past half year, but also because my big picture for Bitcoin (the fractal), was only half way, so i was not really looking much at alts before getting some real confirmation for the fractal. But this one lifted off way before Bitcoin did.
Anyway, missed opportunity, shit happens :).
At the moment, it's at a big resistance around 10, it even wicked to 12, but think we can assume that is just because of the speed of the rally which created a short squeeze as well. So i am going to assume that the 10 zone is still intact. Ideally we see some kind of consolidation coming days/weeks between 7.5 and 10. Creating like a big bull flag as i am showing on the right. If we see this happen and if it takes a solid shape, like a bull flag, or a ascending triangle, chances will be very big to see a continuation of the rally. Target is not easy, but think it would be between 16 and 18. If we break up, volume is of course very important as well. Double bottom patterns are reliable patterns, but no guarantees of course.
Previous analysis:
Anyway, missed opportunity, shit happens :).
At the moment, it's at a big resistance around 10, it even wicked to 12, but think we can assume that is just because of the speed of the rally which created a short squeeze as well. So i am going to assume that the 10 zone is still intact. Ideally we see some kind of consolidation coming days/weeks between 7.5 and 10. Creating like a big bull flag as i am showing on the right. If we see this happen and if it takes a solid shape, like a bull flag, or a ascending triangle, chances will be very big to see a continuation of the rally. Target is not easy, but think it would be between 16 and 18. If we break up, volume is of course very important as well. Double bottom patterns are reliable patterns, but no guarantees of course.
Previous analysis:
