robertjulius

Salt: Are we going back to retest the uptrend, or up from here?

BITTREX:SALTBTC   Salt / Bitcoin
Well, we got turned at the 20moving average on the hourly. The 4h 20ma is not offering a lot of support either.

We've tested the 0.5 fib of the most recent wave, and that's been holding. Which is good.

CCI is red but flattening.

Bullish divergence on the RSI peaks - but you could argue for a trend reversal there with the current low being at a higher RSI level than the last one of the same height, showing that really we have some bearish divergence now - but that's only on the hourly.

Then ofcourse there is the SI which is saying "Buy here" because it's heavily oversold.

Well, either way it's a terrible place to sell, right at the bottom of a dip. This could be a double bottom on the 4h, and even if it's not, we can put a stop at an hourly close below the 0.5 fib.

So, yes, the hourly and 4h charts need to hold the 0.5 level at 93197. If it doesnt, buy entries at 86661 , 78573, and the 4h 50 / 1h 200 MA at : 82557 and climbing.

If you're a longtime hodler of salt you may say: I'll ride this out. If you got in more recently that would be a lot to give back and i recommend to sell if we close below the 0.5 fib


Targets;

Buy targets mentioned 3 lines above.

Profit targets at 155127 - what a little fib + trendline action is telling me. You'd say the next one up is 0.0021 but if we make it to 155k, i'd say the next target would be a little higher than that.

We might do something like: Touch trendline at 136k; retrace to previous high at 120k, touch 155k, retrace a little from there, then break out of the channel upward, which would be a new trend and a different target. 0.0021 should offer some resistance but it won't turn a trend like that.

Again, we might break lower instead.

For clarity:
Kommentar: So far, the answer seems to be : We're going up from here.
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