Not a lot has changed chartwise in a week or few even.
A $5-50(60 really) low was reached many weeks back, as Retrace of the highs. Then a bounce, then a decline back to re-test the low (8 days ago approx). Now they are meandering around, declining back to that low once again.
More than one re-test is never a great sign...but also not fatal by any means. Surviving that last re-test is a bit of positive input. And also spending a week around the $6 area is not a bad inout either. Showing support.
The shape shows that the over-excited area has faded...for now. I guess all related to news coming or not. Outside of that sort of 'help' they become more of a normal time frame motion.
So running purely on charting, they are in an important area - to hold that $5-60 line. But also not looking too bad seeing they have held that $6 area, and the first section of decline from first main bounce onwards, which was forming a possible down trend,
did not continue and has spent that week or so holding well.
Too bad nothing counts for more than percentages!
Which look OK to say rise will come. But maybe around 60-70% area, which leaves that 30% danger window of 'oh oh....'
Which to me means if you enter now, just use approx 60% of allocated bank. Keep 30% for around the strong resistance line $5 area.
For holders.....balancing acts as per what loss or gains positions you are in. VS what cash is on hand and willing to be used to 'control' things.
I will doodle on some charts and post them later sometime.
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