Balancer (BAL) - hidden bullish divergence

On the above daily chart price action has corrected over 80% since May of last year. Now is an excellent time to be long. Why?

1) The ‘incredible buy’ signal printed.

2) Trend reversal, higher highs / higher lows are printing in price action and RSI.

3) Hidden bullish divergence. This is defined by price action printing a higher high at the same time an oscillator prints a lower low, namely stochastic RSI.

4) Lastly on the weekly BTC pair price action breaks through the 21-week EMA support (below).

Is it possible price action falls further? Sure.

Is it probable? No.

Target? $100, at first. This is derived from the falling wedge breakout as shown on the 10-day chart below. The flagpole of the wedge measures the target.

Good luck!

Ww


Weekly BTC pair

10-chart

Trade active:

Excellent moment as price action tests the golden ratio. First test point $27.

Comment:

On the daily chart price action is absolutely being squeezed into the corner of current wedge pattern. If a breakout is confirmed it should result in a 70% upside move.

The story is similar on the BTC pair,