I'm overall optimistic on SAFEX and only post this as a caution to myself.
On one hand, on daily and sub-daily time frame SAFEX seems to be bottoming, or at least getting ready for another bounce, as many fellow tradingview members have illustrated much better in their charts than I ever could (see link).
Also, I do think that SAFEX is a project with enormous potential and value.
However, on a weekly chart, the distance from the lower kumo support is something that concerns me. Yes, the red-line support defined by the flat red kumo seems solid, might hold (fingers crossed) and the price could go higher from here, but...
I've also seen many otherwise promising alts retrace almost all of their spring 2017 bull-run, almost to where they started. On one hand, it would be a great opp to pick up a lot more SAFEX at great prices, on the other hand, it could be quite painful.
On one hand, on daily and sub-daily time frame SAFEX seems to be bottoming, or at least getting ready for another bounce, as many fellow tradingview members have illustrated much better in their charts than I ever could (see link).
Also, I do think that SAFEX is a project with enormous potential and value.
However, on a weekly chart, the distance from the lower kumo support is something that concerns me. Yes, the red-line support defined by the flat red kumo seems solid, might hold (fingers crossed) and the price could go higher from here, but...
I've also seen many otherwise promising alts retrace almost all of their spring 2017 bull-run, almost to where they started. On one hand, it would be a great opp to pick up a lot more SAFEX at great prices, on the other hand, it could be quite painful.
Comment:
Well... Clearly the caution was merited. So far it seems to be the red scenario. Yes, I understand the views of some people think SAFEX and I understand, but things like this are hard to predict. Might be a great buy at a lower price-point. I'd watch it.