Hey fellow traders,
Using pitchfork I saw that the price stayed in the upper half of the downward channel. Now that it broke the pitchfork channel
there may be a trend change to the upside.
I have been watching this for a while. Yesterday there was an upward break above the blue resistance line with significant relative volume on the 4hr chart. Just before the breakout, an ascending triangle was formed indicating a bullish divergence. You can also see the price is following the red trendline and then shot up in the last 24hrs on high volume. The last time we had volume this high on the 4hr chart was mid-December. As I look at the hourly and 15min charts, any pullback has been short-lived and on low volume which is normal and healthy. As the price rises, we want to look for continued volume to prolong the upward trend or divergence to indicate that it was a correction.
Thanks for reading and appreciate any feedback.
*** The information here is not a recommendation to buy or sell cryptocurrency. This is for educational purposes only. ***
-CrypTony026
Using pitchfork I saw that the price stayed in the upper half of the downward channel. Now that it broke the pitchfork channel
there may be a trend change to the upside.
I have been watching this for a while. Yesterday there was an upward break above the blue resistance line with significant relative volume on the 4hr chart. Just before the breakout, an ascending triangle was formed indicating a bullish divergence. You can also see the price is following the red trendline and then shot up in the last 24hrs on high volume. The last time we had volume this high on the 4hr chart was mid-December. As I look at the hourly and 15min charts, any pullback has been short-lived and on low volume which is normal and healthy. As the price rises, we want to look for continued volume to prolong the upward trend or divergence to indicate that it was a correction.
Thanks for reading and appreciate any feedback.
*** The information here is not a recommendation to buy or sell cryptocurrency. This is for educational purposes only. ***
-CrypTony026