Possible end of the accumulation.
It seems orchid has completed the accumulation period.
There is a clear ABCDE accumulation pattern, which concluded the wave E with a hammer candle, something that often happens in waves E.
I am saying "it seems" because orchid has previously given many reversal clues, which ended up with a fast 20-30% pump, and a daily closure with a 2-3% gain, back to square 1. All these fakeouts make it hard, but the chart looks nice and this could eventually be the start of bull season.
If it breaks out of the triangle it might go high.
Still this is just a supposition and for educational purpose only. Do your own research before trading/investing.
It seems orchid has completed the accumulation period.
There is a clear ABCDE accumulation pattern, which concluded the wave E with a hammer candle, something that often happens in waves E.
I am saying "it seems" because orchid has previously given many reversal clues, which ended up with a fast 20-30% pump, and a daily closure with a 2-3% gain, back to square 1. All these fakeouts make it hard, but the chart looks nice and this could eventually be the start of bull season.
If it breaks out of the triangle it might go high.
Still this is just a supposition and for educational purpose only. Do your own research before trading/investing.