iExec RLC to $7

On the above 1-day chart price action has found support on past resistance. The weekly chart below presents a clearer overall picture. The previous weekly candle closed a full body above resistance to confirm support, fantastic.

1st target $3.60 / 60%

2nd target $7

Trade active

Trade active:

Look at that 10-day candle just printed on past resistance now strong support. A body closing here on the 10-day would be great. A long wick on a support test is indicates a lot of respect for that level + plus strong buyer demand.

$4.86 is the next test point (January 2018), after which no more resistance.

Comment:

The monthly candles are about to be printed in 3-days time. Some alt positions seem very interesting. RLC / USD pair is one to keep an eye one.

IF the monthly candle closes around current levels or higher, then a significant uptrend will be very probable. That's how powerful monthly candles like this are.

Trade active:

Forgot to update with the monthly. Suffice to say, blue or should that be green skies ahead. Past *monthly* resistance is now broken. Look left at the last monthly candle, massive momentum.

Expect some consolidation around $4.10, the previous high in January 2018, but it will be short lived with that monthly candle. After this price action there is no more resistance.

Trade closed: target reached:

260% in 40-days! Well done if you stayed in the trade until now.

Trade active:

PS: I see in the short term $9 is the next target so no rush to get out.

Will now study longer term.

Comment:

This is why I don't like giving targets - I just struggle to believe what my eyes are telling me. If Dogecoin can go to 80 Billion, then RLC @ 20 billion is small potatoes.

Since the Jan 2018 high was just smashed that now means there is no more resistance along the horizontal. Now we must look for confluence along the diagonal. The reason I mentioned Dogecoin above is you can see this type of resistance now in play with price action.

What does this mean for RLC?

On the weekly chart below there is two resistance with the most confluence:

1st) $140 - $166

2) Just a tad over $5k by year end - what?! I don't get it - perhaps in future years, not this one.

Trade closed manually:

The follow up idea to this one:

Trade active:

The conditions that existed at the time this idea was published repeat themselves today.