From technical analysis standpoint in a short term it is possible (and probable) that tesla formed a contracting triangle (which is simple corrective wave marked as ABCDE. A triangle always occurs in a position prior to the final actionary wave in the pattern of one larger degree and therefore one more upside move is expected. If we consider this ...
RSI Lower high while price action higher high indicates weakness in short term trend.
RSI is moving within descending channel, it faced resistance of the upper wall and reversed.
Post is late, just a theory revision of whats probable when we've got this kind of scenario.
I started buying in parts and will be adding if it goes down.
It might bounce of fibonnacci 0.618 level as it is usually leaning towards higher probability for corrective wave to reach this level and reverse.
I would buy in three parts 0.038, 0.037 and 0.036
Stop loss 0.0345
Basic elliot wave count in the chart.
It is a short term trade hence the time...
I think this coin can move upwards quite a bit. Broken out of falling wedge with increasing volume.
Will be watching out for resistance and reversal at 8000 levels (white line) otherwise I can go further up.
Bouncing off from fib's golden pocket so it should move upwards.
Let's have a look at QTUM. It is on a verge of breaking out of huge falling wedge dating back almost two years (or just broke out if we measure out the vicks). What cought my eye was the significant increase in volumes on a weekly time frame. As some would suggest it has peak selling off and those usually happen before trend reversal.
Some positive news of...
Sky coin broke out of descending triangle. Triple bottom. Now moving within ascending channel, if it breaks out of it, long position can be taken. If it won't break resistance and start going down (RSI and channel resistance), then buy zone could be support of the channel.
I would personally ladder buys down if the coin will move down. Usually 10-25% parts.
Head and shoulders pattern, we clearly getting 2nd lower highs on RSI on multiple time frames, MACD crossover to the downside, histogram is ticking down as well. Do we find support NOW at around 90$ or do will we test 84$ and 78$ level?