I know I talk about what accumulation i'm seeing a lot, broken...

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Robo.T

2,335 Posts.

536

08/11/18

13:55

Post #: 36433623
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Originally posted by Zestfulmocha ↑

With respect mate it's actually looking like a good setup for another leg, solid green candle followed by the requisite gap fill from open period of consolidation. If you pair that with the price action and underpinning FA, you would actually expect another leg up soon - what was scare was buying at $2 yesterday before 3:30 prior to the ascending triangle breakout confirming... but alas it didn't breakout and rally on close, breakout on open followed by consolidation and, IMO, clear accumulation - all strongly supported by FA to back the sentiment of the move and cater for the probability of which direction this breaks next.

Demand driven by traders would dictate supply to come, so even if other traders saw this and slayed it yesterday into an overnight hold, and sold today, it's all being soaked ans as soon as supply is exhausted we should see another leg.

Just my 2 cents, looking at a large candle and saying it's "scary" is hardly technical analysis, by that assessment you would have sold BIT at 6c after that "huge run"

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I know I talk about what accumulation i'm seeing a lot, broken record - but just worth noting that whilst today looks back from a chart/candle perspective perhaps, the price action says otherwise and the VWAP is 2.38 which is where it got reloaded endlessly and soaked all the selling from the shooting star.

Just an observation, but makes me wonder that the accumulation probably intentionally turned off to in order to let the price fall, whether accumulation on the way down I don't clearly see one way or another, but certainly we've just seen a consecutive high volume trading day and with a VWAP so high, I think that bodes well.

PO3 Price at posting: $1.89 Sentiment: Buy Disclosure: Held
4 Upvote

0 Great analysis

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