COVER Protocol / BTC

On the above 1-day chart price action has broken out from over 140 days of resistance (orange trend line) following a 85% drop in price action.

Previously several oversold conditions (orange columns) have existed however a long position was not possible until price action resistance was broken. That is now in the past.

Following the break of resistance price action has made an impulse move to the upper side of the Bollinger band. This is a bullish development following the break out of price action resistance. In addition, the Bollinger Band mouth is closing, which indicates a large move is coming. Look left.

On the weekly chart below price action reaches the apex of a bullish falling wedge pattern. One way or another price action shall break out of this formation in the near term.

Is it possible price action falls further? Sure

Is it probable? Unlikely.

Good luck!

WW

Kommentar:

"PolkaCover partners with Cover Protocol"

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Trade ist aktiv:

Kaboom! 50% more Bitcoin 8 days later.

RSI > 50 = stay long.

Trade ist aktiv:

Price action breaks out of falling wedge (above and below) on the weekly as Stochastic RSI crosses up 20 (circled in purple).

Target 800%+

Trade ist aktiv:

30% move should be expected in the near term as price action breaks through the first fib level (black line) following 30 days of resistance.