First notice that the RSI on the daily is looking for what seems to be a double bottom. Oversold conditions last time shot us from 100s to 175 max, so be on the watch soon. Overall still in a downtrend (dotted line on RSI), but maybe a double bottom like this is a sign of a near-future trend reversal?! (Please comment with your thoughts on my analysis with constructive criticism, it will help me learn!)
Still looks like we are in a downward channel, with next strong support looking like low 100s again (I'm learning about making targets, so mine isn't exact, just nearby where I think it will go). P.S. Crypto hedge just tweeted his target is around 95 USD. soooooo, yeah I'll just leave that there. Still in a downtrend though. But those daily oversold bounces I think will help push us in an uptrend.
Strong resistance around 180 (red solid line) and psychological resistance at 175.00 from last high. If we push through that on the next oversold bounce with sufficient volume I suspect we will have a nice reversal finally and begin moving upwards to an ATH, may take a few days though still or even weeks, sorry guys :(
But hey, now is the time to accumulate and stock your bags. I'm getting rid of my HODL mentality and starting to trade with the tide a little more by selling and buying back a little lower, but still HODL most of my position so I don't lose out on much. A little more accumulation goes a long way in this market. I wish I had started selling and accumulating sooner, like when LTC was around 300 and confirming this parallel bearish channel. Now I feel more confident next time a bear market rolls around that I'll be able to see more signs. Never stop learning folks! See you on the moon.
This isn't fin. advice, don't buy or sell based on what I say or place my targets at, because I don't even use my targets, I'm very conservative.
P.S. I was practicing drawing an upward support line (black) so don't pay much attention to that.
Still looks like we are in a downward channel, with next strong support looking like low 100s again (I'm learning about making targets, so mine isn't exact, just nearby where I think it will go). P.S. Crypto hedge just tweeted his target is around 95 USD. soooooo, yeah I'll just leave that there. Still in a downtrend though. But those daily oversold bounces I think will help push us in an uptrend.
Strong resistance around 180 (red solid line) and psychological resistance at 175.00 from last high. If we push through that on the next oversold bounce with sufficient volume I suspect we will have a nice reversal finally and begin moving upwards to an ATH, may take a few days though still or even weeks, sorry guys :(
But hey, now is the time to accumulate and stock your bags. I'm getting rid of my HODL mentality and starting to trade with the tide a little more by selling and buying back a little lower, but still HODL most of my position so I don't lose out on much. A little more accumulation goes a long way in this market. I wish I had started selling and accumulating sooner, like when LTC was around 300 and confirming this parallel bearish channel. Now I feel more confident next time a bear market rolls around that I'll be able to see more signs. Never stop learning folks! See you on the moon.
This isn't fin. advice, don't buy or sell based on what I say or place my targets at, because I don't even use my targets, I'm very conservative.
P.S. I was practicing drawing an upward support line (black) so don't pay much attention to that.