Trade setup: Price is in an Uptrend. It briefly broke above $600, however, it got very overbought (RSI > 80!) and was rejected at that resistance on some profit taking. Now we look for the right entry opportunity in Uptrend.
We wait for price to either 1) break back above $600 to signal continuation of uptrend, with +10% upside potential to $670 next, or 2) pull back near $500 support for another swing trade entry in Uptrend with +20% upside potential back to $600.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish).
Support and Resistance: Nearest Support Zone is $500 (previous resistance), then $400. The nearest Resistance Zone is $600, then $670.
We wait for price to either 1) break back above $600 to signal continuation of uptrend, with +10% upside potential to $670 next, or 2) pull back near $500 support for another swing trade entry in Uptrend with +20% upside potential back to $600.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish).
Support and Resistance: Nearest Support Zone is $500 (previous resistance), then $400. The nearest Resistance Zone is $600, then $670.