Welcome to my latest update on STORM!
As you can see on the four hour chart we broke to the upside of the small uptrend channel we were in and sailed straight up to test the 78.6% Fib level. We did fall back through the 12 EMA to re-test the 26 EMA which provided support. As the 26 EMA also coincided with the 50% Fib level, we now have a confirmed area of good support here. We have also opened back above the 12 EMA on the current candle which a good sign that we are simply waiting for a period of consolidation bouncing within the flag before hopefully charging onwards and upwards.
The really good news is that we have also formed a bull flag; so if we can confirm a breakout above the flag with supporting volume, we could see a run up as high as 865 sats. This is 38% increase from where we are currently trading at. However as always, I would not recommend that a trade is placed within this area until we see a confirmed breakout of the flag as there is always a chance we could break to the downside (this is crypto after all).
It’s also worth noting:
- Accumulation/Distribution has remained steady indicating a consolidation period after the recent run.
- The MACD has indeed crossed over bearish, however momentum is low and looking at the RSI there is not a lot of strength behind this.
Happy and safe trading!
Cheers
As you can see on the four hour chart we broke to the upside of the small uptrend channel we were in and sailed straight up to test the 78.6% Fib level. We did fall back through the 12 EMA to re-test the 26 EMA which provided support. As the 26 EMA also coincided with the 50% Fib level, we now have a confirmed area of good support here. We have also opened back above the 12 EMA on the current candle which a good sign that we are simply waiting for a period of consolidation bouncing within the flag before hopefully charging onwards and upwards.
The really good news is that we have also formed a bull flag; so if we can confirm a breakout above the flag with supporting volume, we could see a run up as high as 865 sats. This is 38% increase from where we are currently trading at. However as always, I would not recommend that a trade is placed within this area until we see a confirmed breakout of the flag as there is always a chance we could break to the downside (this is crypto after all).
It’s also worth noting:
- Accumulation/Distribution has remained steady indicating a consolidation period after the recent run.
- The MACD has indeed crossed over bearish, however momentum is low and looking at the RSI there is not a lot of strength behind this.
Happy and safe trading!
Cheers