Not much of an update from my last post, more just a little confirmation of my analysis. I didn't expect it to run to these targets so hard and fast.
- Price is meeting supply at the top of the cup so I'd expect a little consolidation while it digests this 75%ish move from the June low. RSI flashing overbought on the short term, combined with a spinning top I'd say there's a higher probability for the aforementioned consolidation.
- The volume is looking promising with strong support on the up days, lower on the pull backs. Supply is being soaked up.
- Some of the momentum indicators coming into action. The last time the 43 crossed the 65 we had the 1000% move. I don't think this is going to happen now but it's worth noting.
Snapshot of the volume profile going back to Feb
I'd expect the trapped holders to exit on breakeven here for a bit, and some profit taking to further consolidate the price. Could be over and done with quickly or it may coincide with an announcement or who knows. I think this is a pivot area worth buying on any decent low volume pull backs to support.
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---|---|---|
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8 | 10944 | 2.490 |
10 | 46815 | 2.480 |
7 | 7386 | 2.470 |
5 | 74032 | 2.460 |
Price($) | Vol. | No. |
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2.510 | 2200 | 7 |
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