There’s not much historical data on TradingView so I drew a rough line to show the price from when it bottomed out around the end of January this year. Overall, there’s not a lot of data to go on, but I’ve tried to make as many clear observations as possible.
From the bottom, a supply trend line has formed with four major bounces from it. Currently, it seems like a period off consolidation from mid-April and getting closer to the supply line. Given the news that Simon Lehmann bought Trips recently, with anticipation that others will follow (and of course being in a period of bullish trends across the entire Crypto field), I’d expect the price to be maintained above the supply line with a strong bounce off it in the coming days/weeks.
A dotted orange line shows the previous Dec .20 ATH that could act as resistance, but if the price breaks above this, we could see prices going very bullish. So keep an eye on this line and the supply line as critical points of price action.
A recent high end of March acted as support as illustrated by the dashed yellow line. If you were to enter now with this as your stop-loss position and Dec ’20 ATH as your take-profit, the risk to reward ratio would be 3:1 - not a bad trade at all.
As this is my first ever idea post, please remember to give a like so I can increase my reputation points. Thanks!
From the bottom, a supply trend line has formed with four major bounces from it. Currently, it seems like a period off consolidation from mid-April and getting closer to the supply line. Given the news that Simon Lehmann bought Trips recently, with anticipation that others will follow (and of course being in a period of bullish trends across the entire Crypto field), I’d expect the price to be maintained above the supply line with a strong bounce off it in the coming days/weeks.
A dotted orange line shows the previous Dec .20 ATH that could act as resistance, but if the price breaks above this, we could see prices going very bullish. So keep an eye on this line and the supply line as critical points of price action.
A recent high end of March acted as support as illustrated by the dashed yellow line. If you were to enter now with this as your stop-loss position and Dec ’20 ATH as your take-profit, the risk to reward ratio would be 3:1 - not a bad trade at all.
As this is my first ever idea post, please remember to give a like so I can increase my reputation points. Thanks!