Looking at the larger time frames, you can see that we have retested the 50 week MA multiple times during this bull run. What I would like to see for an ideal setup is a back test of the support line at around $13, which if timed right would coincide with the 50 week MA.
MACD is still trending up, and the RSI is approaching a significant support zone. The current bounce in price action has yet to indicate any kind of real strength, and it looks as if we are just in a bear flag. With this in mind, I believe that we will drop into the Buy Zone highlighted, where I will be looking to scale in some Long positions.
Thanks for viewing, good luck trading!
MACD is still trending up, and the RSI is approaching a significant support zone. The current bounce in price action has yet to indicate any kind of real strength, and it looks as if we are just in a bear flag. With this in mind, I believe that we will drop into the Buy Zone highlighted, where I will be looking to scale in some Long positions.
Thanks for viewing, good luck trading!