FIVERR Showing Life @ Bottom Consolidation Zone
Hi Guys, Welcome!
This Technical Analysis is about Fiverr (FVRR), its on the 3 Day Timeframe.
Since May 2022, we've been in what i believe to be a BOTTOM consolidation zone.
As you can see we are back around the prices where FVRR first became public.
This is about 90% from the TOP of Feb 2021.
The BOTTOM Zone is shown as the GREEN Rectangle with the RED Borders.
The Upper RED Border indicates MAJOR RESISTANCE
The Lower RED Border indicates MAJOR SUPPORT
I believe price action to be CURRENTLY moving to the BLACK RESISTANCE LINE labeled July 2021, the date being when the resistance first formed.
I believe this to be our current target as we have only touched it 2 times before.
Its been about 1 year since we've INTERACTED with the BLACK RESISTANCE LINE.
When we reach however, we will have to see how PRICE reacts with the BLACK LINE.
Since we have NOT interacted with this LINE 3 or more times, it could be a potential area for a PULL BACK, thus can be a potential SELL ZONE.
NOTE: TREND LINE theory states that for a trend line (whether resistance or support) to be broken, it requires ATLEAST 3 touches.
We have closed our RECENT 3 Day Candle Today, where the head is ABOVE 50 DMA (GREEN MA). Our next candle or couple of candles needs to CONFIRM SUPPORT above the 50 DMA (GREEN MA). Doing so will also add to the PROBABILTY we get to the JULY RESISTANCE.
KEEP IN MIND: If we DO NOT stay above the 50 DMA, we may go back down to test FIRST, the 21 EMA (ORANGE MA), if we fail that then back down to the BLACK or RED SUPPORT lines.
We need to watch how the 21 EMA (ORANGE Moving Average) reacts with the 50 DMA (GREEN Moving average). Note that the GREEN Circle with BLUE Arrow shows that when it CROSSED, PRICE moved UP.
Currently, 21 EMA is curved up, indicating that we may be close to a CROSS. This would be a MAJOR catalyst for BULLISH MOMENTUM.
Notice also how the 50 DMA has been FLAT, this may be an indication of prices stabilizing and a possibility of a BOTTOM.
Take a look at the LOWER BLACK SUPPORT LINE near the LOWER RED BORDER of RECTANGLE.
This LINE coincides with the lower BLACK upsloping line found in RSI.
-> This indicates a BULLISH DIVERGENCE, which is a BULLISH PATTERN where PRICE shows LOWER LOWS as it interacts with BLACK LINE but INDICATOR shows HIGHER LOWS.
On the RSI we are currently peaking our head over our 1st RESISTANCE. In the coming weeks we need to test this as SUPPORT and CONFIRM.
I think though, once we get ABOVE the previous HIGH in the RSI, we may be underway on breaking OUT of the CONSOLIDATION RECTANGLE.
As of posting this, STOCH RSI AND ADX are bothing indicating that we have plenty of MOMENTUM still left in the tank for this current move to continue, strengthening the probabilty we continue up to JULY RESISTANCE.
LASTLY, Notice the ORANGE Trendline labeled "From FEB 2021". This is our MAJOR MAJOR TREND LINE. Above this, we are in a Definite FVRR BULL RUN, in my opinion. It is about a 100% increase from current prices to reach here, to give perspective.
CONCLUSION:
It is likely that FVRR is either in the late stages of BOTTOMING or has already bottomed with its LAST touch of the BLACK SUPPORT LINE. We've been in this range for over 1 year, indicating accumulation. Currently, we may be in the process of moving towards the JULY 2021 Resistance line, and attempt for a TREND CHANGE. Even though traders don't have a crystal ball, evidence in the charts can help point to probabilities, 2 being the STOCH RSI & ADX which show that there is still enough Bullish momentum to push prices. Signs also point to a potential 21 EMA 50 DMA CROSS, which can help push price UP. The formation and eventual play out of the BULLISH DIVERGENCE may be a sign of a BOTTOM and also be what is needed for us to push past the BLACK RESISTANCE Line.
Hope this was insightful. Please follow, boost and comment to support my ideas and let me know what y'all think and see as well! Would love a discussion. Thanks!
DISCLAIMER: This is Not financial advice i am not an advisor. The thoughts expressed here are my opinions on TA and for educational purposes.
This Technical Analysis is about Fiverr (FVRR), its on the 3 Day Timeframe.
Since May 2022, we've been in what i believe to be a BOTTOM consolidation zone.
As you can see we are back around the prices where FVRR first became public.
This is about 90% from the TOP of Feb 2021.
The BOTTOM Zone is shown as the GREEN Rectangle with the RED Borders.
The Upper RED Border indicates MAJOR RESISTANCE
The Lower RED Border indicates MAJOR SUPPORT
I believe price action to be CURRENTLY moving to the BLACK RESISTANCE LINE labeled July 2021, the date being when the resistance first formed.
I believe this to be our current target as we have only touched it 2 times before.
Its been about 1 year since we've INTERACTED with the BLACK RESISTANCE LINE.
When we reach however, we will have to see how PRICE reacts with the BLACK LINE.
Since we have NOT interacted with this LINE 3 or more times, it could be a potential area for a PULL BACK, thus can be a potential SELL ZONE.
NOTE: TREND LINE theory states that for a trend line (whether resistance or support) to be broken, it requires ATLEAST 3 touches.
We have closed our RECENT 3 Day Candle Today, where the head is ABOVE 50 DMA (GREEN MA). Our next candle or couple of candles needs to CONFIRM SUPPORT above the 50 DMA (GREEN MA). Doing so will also add to the PROBABILTY we get to the JULY RESISTANCE.
KEEP IN MIND: If we DO NOT stay above the 50 DMA, we may go back down to test FIRST, the 21 EMA (ORANGE MA), if we fail that then back down to the BLACK or RED SUPPORT lines.
We need to watch how the 21 EMA (ORANGE Moving Average) reacts with the 50 DMA (GREEN Moving average). Note that the GREEN Circle with BLUE Arrow shows that when it CROSSED, PRICE moved UP.
Currently, 21 EMA is curved up, indicating that we may be close to a CROSS. This would be a MAJOR catalyst for BULLISH MOMENTUM.
Notice also how the 50 DMA has been FLAT, this may be an indication of prices stabilizing and a possibility of a BOTTOM.
Take a look at the LOWER BLACK SUPPORT LINE near the LOWER RED BORDER of RECTANGLE.
This LINE coincides with the lower BLACK upsloping line found in RSI.
-> This indicates a BULLISH DIVERGENCE, which is a BULLISH PATTERN where PRICE shows LOWER LOWS as it interacts with BLACK LINE but INDICATOR shows HIGHER LOWS.
On the RSI we are currently peaking our head over our 1st RESISTANCE. In the coming weeks we need to test this as SUPPORT and CONFIRM.
I think though, once we get ABOVE the previous HIGH in the RSI, we may be underway on breaking OUT of the CONSOLIDATION RECTANGLE.
As of posting this, STOCH RSI AND ADX are bothing indicating that we have plenty of MOMENTUM still left in the tank for this current move to continue, strengthening the probabilty we continue up to JULY RESISTANCE.
LASTLY, Notice the ORANGE Trendline labeled "From FEB 2021". This is our MAJOR MAJOR TREND LINE. Above this, we are in a Definite FVRR BULL RUN, in my opinion. It is about a 100% increase from current prices to reach here, to give perspective.
CONCLUSION:
It is likely that FVRR is either in the late stages of BOTTOMING or has already bottomed with its LAST touch of the BLACK SUPPORT LINE. We've been in this range for over 1 year, indicating accumulation. Currently, we may be in the process of moving towards the JULY 2021 Resistance line, and attempt for a TREND CHANGE. Even though traders don't have a crystal ball, evidence in the charts can help point to probabilities, 2 being the STOCH RSI & ADX which show that there is still enough Bullish momentum to push prices. Signs also point to a potential 21 EMA 50 DMA CROSS, which can help push price UP. The formation and eventual play out of the BULLISH DIVERGENCE may be a sign of a BOTTOM and also be what is needed for us to push past the BLACK RESISTANCE Line.
Hope this was insightful. Please follow, boost and comment to support my ideas and let me know what y'all think and see as well! Would love a discussion. Thanks!
DISCLAIMER: This is Not financial advice i am not an advisor. The thoughts expressed here are my opinions on TA and for educational purposes.
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