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Holdtight

2,900 Posts.

1943

27/03/23

13:27

Post #: 66975872
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Originally posted by insected: ↑

In the interest of flipping a negative into a positive I think there's a lot to learn right now from reviewing the chart.

Firstly, I find it useful sometimes to flip my charts when I have an inherent long bias. It helps overcome said bias with a pragmatic view.
There were clear signs of a short trade. I didn't expect such a big move however upon reflection the orders were being generated to facilitate such a move over the past week and a bit.

The coy was deliberate and made some operator a nice 70% + return.
Accumulation within the base, run the price up, attract the greed and slowly unwind into it.
Short the deliberate decline.

Keep in mind when you start seeing low quality write ups on motely fool, evening news mentions about the price appreciation, 'analyst reports', etc - you have warning signals. Low quality retail come flocking in the hope of making a quick buck. However this short surge in volume quickly gets sold to and buyers are quickly exhausted. Low quality new thread posts on the forum are a sell signal too to a lesser extent.

In terms of where 'support' could be found I don't really know with any confidence. There are some liquidity voids I expect to see some fights being put up, namely one where price finished yesterday.

Breakout VWAP and the 30week ema are my initial thoughts. The former has been violated but this could be the setting of the stage for a small spring. Big volume did come in there which shows a degree of sponsorship, however this is also likely the covering of shorts/buying. A re-load and dump could take shape.

Would want to see VWAP from the decline being reclaimed before considering any bullish near term price movement.

Believers will buy and support the price & sellers will eventually be exhausted.
The length of the consolidation could be long if history is anything to go by. There will likely be some rallies off of the 30week as we've seen before.

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@insected and @Surfguy.... Whats the charts saying.

My weekly charts have STRONG support at $4.34- $4.65... It was also the area of the previous 2 spike highs. Also, most CR in this market are dropping 12-17% below the Cap raise price. That equates to around this area.
I am continuing to accumulate on the weakness. It may last a few weeks or so, but it could also turn at any moment on news.

WBT Price at posting: $4.84 Sentiment: Buy Disclosure: Held
12 Upvote

0 Great analysis

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