After finding support at the 0.618 and consolidating for a few weeks, I believe RLC is ready for another leg up.
My reasoning:
I should note there is a lot of unresolved business below. The 3300 - 5000 sat range has been a very weak area for the bulls in the downtrend, and for the bears in the uptrend. Right now, I'm not too concerned as the OBV gives us a nice bullish case in the short-medium term.
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My reasoning:
- Location/structure: Strong support and nice structure "W" at the 0.618
- Divergence: Confirmed histogram div, RSI looking good. Willy coming out of stupid. Strong OBV
- VPVR: Lots of volume traded at this level
I should note there is a lot of unresolved business below. The 3300 - 5000 sat range has been a very weak area for the bulls in the downtrend, and for the bears in the uptrend. Right now, I'm not too concerned as the OBV gives us a nice bullish case in the short-medium term.
Hit the LIKE button if you like my analysis and want to support my channel. Follow to make sure you don't miss any future trade ideas.
Trade active:
Bought the dip, weekly/monthly levels line up in the reload zone.
Trade active:
Still looking good! Targeting the red box above.