OrchidLong
OXT - Does history repeat itself?
My two previous charts on BTC were woefully wrong, but here's one I think might be a little better. I'm in this one myself, although not on leverage.
As during the previous breakout, we see a breakout from the triangle and a wick touching the resistance zone represented by the purple rectangle. Previously we saw a similar kind of resistance zone on the prior breakout, which took four days to break through before a violent pump on the fifth day.
We saw similar RSI conditions on the day chart at the time, with the MACD displaying a slow rise above the breakout and very low volume above the triangle, giving the impression of a weak or false breakout. I feel that if OXT can stay within this current consolidation zone, that should give it the power to experience a massive pump.
But, as always, in this market, we shall see. The fear of course, is a drop off, and this fear might shake some people out. Keep in mind however that when bitcoin ranges near all-time highs as we are seeing now, money flows into altcoins, and every indicator from this morning seems to say that altcoin season has finally begun.
As during the previous breakout, we see a breakout from the triangle and a wick touching the resistance zone represented by the purple rectangle. Previously we saw a similar kind of resistance zone on the prior breakout, which took four days to break through before a violent pump on the fifth day.
We saw similar RSI conditions on the day chart at the time, with the MACD displaying a slow rise above the breakout and very low volume above the triangle, giving the impression of a weak or false breakout. I feel that if OXT can stay within this current consolidation zone, that should give it the power to experience a massive pump.
But, as always, in this market, we shall see. The fear of course, is a drop off, and this fear might shake some people out. Keep in mind however that when bitcoin ranges near all-time highs as we are seeing now, money flows into altcoins, and every indicator from this morning seems to say that altcoin season has finally begun.
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