COTIBTC Falling Wedge| Low Volume | Retest of lows
Evening Traders,
Today’s Technical Analysis will focus on COTIBTC, trading in a probable falling wedge looking to retest local lows.
Points to consider,
- Trend bearish
- Lower lows likely
- RSI showing signs of divergence
- Stochastics neutral
- Volume Clearly declining
COTI’s trend has put in consecutive lower highs after breaking the all-important 21 EMA. A lower low is likely as this will test structural support.
The RSI is putting in higher lows, will eventually form into a bullish divergence upon a retest of lows (green area). Stochastics is currently neutral with momentum stored in both directions.
Volume nodes are clearly declining; this signals a move being imminent in the near future.
Overall, in my opinion, COTI is likely to retrace back to local lows for a retest, which will put in a bullish divergence, increasing the probability of breaking bullish from this pattern formation.
What are your thoughts?
Please leave a like and comment,
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
Today’s Technical Analysis will focus on COTIBTC, trading in a probable falling wedge looking to retest local lows.
Points to consider,
- Trend bearish
- Lower lows likely
- RSI showing signs of divergence
- Stochastics neutral
- Volume Clearly declining
COTI’s trend has put in consecutive lower highs after breaking the all-important 21 EMA. A lower low is likely as this will test structural support.
The RSI is putting in higher lows, will eventually form into a bullish divergence upon a retest of lows (green area). Stochastics is currently neutral with momentum stored in both directions.
Volume nodes are clearly declining; this signals a move being imminent in the near future.
Overall, in my opinion, COTI is likely to retrace back to local lows for a retest, which will put in a bullish divergence, increasing the probability of breaking bullish from this pattern formation.
What are your thoughts?
Please leave a like and comment,
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
