Current situation looks like a triangle/wedge for me : This is yesterday's graph with today's candle starting at .018 and going up to 0.215 not yet shown.
Shall we exit this pattern at 1.26 in the next few days, the logical target are the (conservative) former high (1.6) or the transposed +47.5cts variation (new high). Statistically, with that kind of wedge shape after a decent rise like end-August-early-September, prices tend to exit in the same trend they started : up North.
- Confirmed by supporting green Supertrend.
- Friday's closure touched the SMA 50 for a long time, which is has been quite a strong support in August.
- One could consider that Friday has also seen a touch and go on the lower bollinger, that could act like a support too.
- Prices are still above the strong and thick ichimoku (senkou span) cloud which is great
- Lagging Chikou Span could use favorably use the weakness and cross the prices in the gap from 24 th of September, which bring us to exiting the wedge by wednesay and reaching the target of 1.315 by friday
- MACD minus signal are getting very narrow, weak enough to get enable a reversion.
- RSI is quite low
Indicators that yet don't fit with this bullish perspective :MACD minus signal has still not reversed the trend.momentum/oscillator has not yet crossed the 0 line upwards, this might be a bit early.
If the bullish trend has not been confirmed by wednesday, maybe the wedge needs to be reconstructed by including actualised lower prices that may bounce of the 1.145 joined Supertrend/cloud support.
Tell me what you see and think.
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