Neo GAS to $70

The weekly chart above is incredibly bullish following a lengthly period of consolidation and oversold condition on the daily chart (not shown here).

Why bullish?

1) Past weekly resistance becomes support.

2) Price action closed a candle body above the 21-week & 50-week EMA.

When the previous high is reached - take profits, there’ll very likely be a healthy pullback.

交易進行:

And we're off...

評論:

A very impressive start.

評論:

An astonishing 700% in 20-days.

While I've no doubt my original target shall be met in time, 700% in 20-days is not natural. Expect a correction. Evidence for this is showing itself with the overbought condition on the weekly chart with RSI @ 96

交易進行:

$22 next stop.

評論:

Is price target still on target? Short answer: Yes.

The ‘likely strong resistance’ is proving to be very true. On the weekly chart we have an ‘indecision candle’ neither bulls or bears have taken control.

More impressively on the monthly chart for April a indecision candle is also printed.

Indecision candles, once resolved, often result in large movements in price action. That is because buyer or sellers are waiting for a decision to be made.

I’m remaining bullish for two reasons:

1) Weekly RSI remains above 50 = bullish

2) Stochastic RSI below remains above 80 = bullish. When it crosses down, this trade is over.

交易進行:

A good accumulation point as price action breaks resistance following a 'great buy' condition.

Also on the BTC price action move to the upper side of the Bollinger Band (pink line), look left!

評論:

Is the target of $70 still on?

Absolutely. Why?

Two reasons:

1) on the 10-day chart below Stochastic RSI has recently crossed up (purple circles). On each of those occasions (the last 3 specifically) 78%, 157%, & 860% gains were made. I expect the 4th to take price action to target.

2) On the 2-week chart (bottom) price action has shown two rallies and two corrective waves. One final rally is due thereby completing the Elliot wave impulse formation.

One target is reached, take profits. Remember this trade has been open since a little over $2. Euphoria will be high with higher calls for price action, ignore it.

Good luck!

WW


10-day chart

Weekly chart

交易進行:

Price action now on golden pocket.