Evening all holders! quick chart update Daily TF (I will update again once one of the following scenarios has played out)
Recent price action has failed to break Daily Resistance @0.028 and has now officially begun the retrace. Initial "Flagpole Target" of @0.029 failed but am considerably happy with the 56% rally off the Former Daily Equilibrium @0.018 (Great move). Also note the failed Swing High on RSI and break of Short-term inner trend which indicated loss of momentum.
Where to now?
4 potential plays for the retrace before continuation (disregarding news).
1. Using Fib Retracement tool this has indicated potential levels of Daily Support which currently sit below current price (NOTE: This tool can only be used when price is clearly retracing). Price is currently sitting on Former Daily Resistance @0.024 which is now acting as Current Support as well as Fib Retracement level 0.382. We may see a bounce here but I feel a greater retrace is needed towards 0.5 - 0.618 (Golden Ratio).
Take note of confluence of indication. RSI has broken short term inner uptrend and MACD is anticipated Bearish Cross with the histogram indicating weakness.
The deeper we dive the less of a Bullish reaction we might see once support is found.
2. If price is to fail the 0.5 Fib Retracement level @0.023 then the next stop is the 0.618 @0.022 (Golden Ratio). IMO this is a good stop as it will allow price to return to long term Uptrend and the Longer term RSI Trend. Price may gain some stability and rally off uptrend to again test @0.024 which would become a Former Daily Resistance (changed from support) and potentially trend towards the formidable @0.028 for another crack. Market Structure would print a Higher Low and indicate a sustainable move.
MAKE NO MISTAKE this is a critical level and if price fails to rally, then we may fall lower IMO.
3. Price fails to rally off 0.618 and Uptrend, RSI long term trend is broken and falls to the midway point 50.00 and potentially fails indicating a greater Bearish move in play. Fib retracement level 0.786 fails and price may return to Former Daily Equilibrium @0.018. MACD would be Bearish and printing Red on the histogram.
As majority of us have seen before lack of news shakes out the weak hands (this can happen again). My thought process is if you are willing to BUY at this price knowing what you know re the company fundamentals then why would you SELL if not extremely necessary?.
4. NOT CHARTED but more news related: Management release Bullish Fundamental news (which IMO is only a matter of time) and Bullish Volume floods in causing price to break all recent resistance levels and rally towards @0.033-34. Sell orders will disappear as suppression gets weaker and we may be finally on our way after a long wait.
40% candles will be flowing, RSI and MACD will open up like OCT/NOV 2017 and I will be popping a bottle of Glenfarclas 25yo and toasting with the plethora of LT holders here.
May that day be soon .. GLTAH
"DISCLAIMER: NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation."
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Last
0.2¢ |
Change
0.000(0.00%) |
Mkt cap ! $17.17M |
Open | High | Low | Value | Volume |
0.2¢ | 0.3¢ | 0.2¢ | $806 | 402.8K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
161 | 160901130 | 0.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
0.3¢ | 104779532 | 52 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
161 | 160901130 | 0.002 |
47 | 181739247 | 0.001 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.003 | 74779532 | 51 |
0.004 | 34284390 | 39 |
0.005 | 11136545 | 11 |
0.006 | 9296154 | 15 |
0.007 | 4963896 | 6 |
Last trade - 13.15pm 19/07/2024 (20 minute delay) ? |
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