Here we have a channel that had been formed using an inside pitchfork. I believe it was below the median line due to people losing faith in such a large sell off of
TRXBTC
mixed with the FUD in the crypto space. Those who HODL will do well. What I am seeing is a nice little bump in faith around the Feb 9 moving the candles above the median. We have tested the upper line of the channel and are testing it once again. The current testing candle on this view, is an inverted hammer shape. Testing the resistance with an inverted hammer is a bullish sign in some cases. If this closes in this shape. Check to see for a higher open and close on the next period to validate this as a bullish signal. If this is not the case. Expect the trend to stay channel bound. I see a longer wick as a sign of a greater potential for a reversal.
TRXBTC
mixed with the FUD in the crypto space. Those who HODL will do well. What I am seeing is a nice little bump in faith around the Feb 9 moving the candles above the median. We have tested the upper line of the channel and are testing it once again. The current testing candle on this view, is an inverted hammer shape. Testing the resistance with an inverted hammer is a bullish sign in some cases. If this closes in this shape. Check to see for a higher open and close on the next period to validate this as a bullish signal. If this is not the case. Expect the trend to stay channel bound. I see a longer wick as a sign of a greater potential for a reversal.
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Here is a copy of the chart in a 1D view. This was how I found the pitchfork points since it looks incorrect on the 4H view on the original post.
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Not quite the sha-boop I was looking for.
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It is wanting to move out. This is coming to the end of a wedge hovering around the top of the channel. MacD looks like it could boop right through. I like having the 1.5 deviation on my pitchforks. So I will keep an eye out for a poke through the 1.5 area to show it is truly away from the downtrend channel, On the chart, this is the lighter shade of purple above the yellow line.
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I think it's safe to say this is still range bound.
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