During BTC's bull run, ADXBTC breached a long-term support and price suffered as a result.
Since then, it has steadily been building an uptrend support and recently had a strong move up into the Kumo Cloud.
There are at least two possible scenarios here.
1) The close inside the Kumo is actually a bull trap and ADXBTC will bleed back down towards the support trendline at the bottom of the chart.
2) The Kumo edge-to-edge is valid.
If (2) is true, there are two further things to look for.
2a) Price breaching the blue box. This is a key level because if price can trade above the box, it would signify a break above a key support level (now resistance) and also a Kumo breakout.
2b) Price testing the longer-term diagonal downtrend line. The rocket icon is there for a reason. Namely, if price is able to breach and trade above the downtrend line, I would expect significantly more upside and a 'real' trend reversal.
Since then, it has steadily been building an uptrend support and recently had a strong move up into the Kumo Cloud.
There are at least two possible scenarios here.
1) The close inside the Kumo is actually a bull trap and ADXBTC will bleed back down towards the support trendline at the bottom of the chart.
2) The Kumo edge-to-edge is valid.
If (2) is true, there are two further things to look for.
2a) Price breaching the blue box. This is a key level because if price can trade above the box, it would signify a break above a key support level (now resistance) and also a Kumo breakout.
2b) Price testing the longer-term diagonal downtrend line. The rocket icon is there for a reason. Namely, if price is able to breach and trade above the downtrend line, I would expect significantly more upside and a 'real' trend reversal.
Nota
Played out beautifully.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.