The daily time frame shows COTI/USDT in a bullish channel. On the smaller time frames, we've seen a 15% pullback since testing the top of the breakout zone (see previous posting on this pair).
My update depicts the upper limit of the breakout zone indicated by a thin, black, horizontal line. The pitchfork channel indicates continuation on the daily time frame. I prefer these pitchfork channels as they allow for a more nuanced view of various support and resistance lines within a larger trend. It also keeps the chart simple and clean.
A pullback after testing the upper limit of the breakout zone was expected. It is worth noting, however, that we are in the bottom half of the channel, and that indicates weakness. Otherwise, COTI/USDT looks bullish in a medium to long-term view. As always, keep an eye on BTC and the market sentiment in general. Good luck.
My update depicts the upper limit of the breakout zone indicated by a thin, black, horizontal line. The pitchfork channel indicates continuation on the daily time frame. I prefer these pitchfork channels as they allow for a more nuanced view of various support and resistance lines within a larger trend. It also keeps the chart simple and clean.
A pullback after testing the upper limit of the breakout zone was expected. It is worth noting, however, that we are in the bottom half of the channel, and that indicates weakness. Otherwise, COTI/USDT looks bullish in a medium to long-term view. As always, keep an eye on BTC and the market sentiment in general. Good luck.
Comment:
Scratched and clawed its way to the top half of the ascending channel. Picking up volume and running out of resistance levels to refer to (on this pair). Manage risk and good luck.
I would also like to take this update opportunity to reiterate the need to watch BTC and the traditional markets closely. The S&P falls .5%, BTC falls 2%, large cap altcoins fall 3-4%, and medium-small cap altcoins fall 6-10%. Be vigilant.