Hey all,
This is my first analysis here on TV, feel free to leave comments I'm only looking to improve.
A clear upward triangle has formed and has provided some tough resistance around 36k sats and now looking at the 1h chart we can see double resistance provided by the 50MA and 100MA around 34k sats.
Volume has decreased quite a bit since our recent bull market.
By using the height of the triangle we can see a potential pump to over 40k sats or a dump to 28k sats.
Another reason we could see a dump to 28k sats is the pitchfork, we have around the top of the pitchfork, signaling overbought status, for a while now may correct to the median line; again around 28k sats.
Moreover, if you look at the daily chart you can see that we're far above the keltner channel and it needs some correcting to do; this supports the dump to 25-28k sats.
This is why I believe the pump is less likely to happen than the potential dump, and prime accumulation time.
Best,
Composition
This is my first analysis here on TV, feel free to leave comments I'm only looking to improve.
A clear upward triangle has formed and has provided some tough resistance around 36k sats and now looking at the 1h chart we can see double resistance provided by the 50MA and 100MA around 34k sats.
Volume has decreased quite a bit since our recent bull market.
By using the height of the triangle we can see a potential pump to over 40k sats or a dump to 28k sats.
Another reason we could see a dump to 28k sats is the pitchfork, we have around the top of the pitchfork, signaling overbought status, for a while now may correct to the median line; again around 28k sats.
Moreover, if you look at the daily chart you can see that we're far above the keltner channel and it needs some correcting to do; this supports the dump to 25-28k sats.
This is why I believe the pump is less likely to happen than the potential dump, and prime accumulation time.
Best,
Composition
Trade active:
Some more consolidation around 28k sats until pump