OrchidLong
OXT Won't Be Knocked Out
Overview
- BTC dropping had an effect on OXT, but this drop may have kept OXT on track to making new ATH. Let's start from the top!
Price Chart
- This time on the chart you can see the activity we had before making new ATH and the activity we have now.
- 50 EMA(yellow) acted as a perfect support for OXT when it was dropping. If BTC decides to continue selling off, it's possible that the 50 EMA support gets broken
- You'll have to zoom in on this but we are back into the bullish channel! You'll also see a bullish hammer candle that will be confirmed if the next candle closes green
- If BTC continues to sell off, I see we could drop down to the $0.44 then $0.37 area
RSI
- The main reason I spread out the chart this time is because of the pattern we made in the RSI prior to reaching ATH. What I did was trace the trend and mirror it to where we are now and we are surprisingly similar
- If we were to replicate the same trend, odds are we would be seeing a new ATH in less than a month
- That trend was an inverse head-and-shoulders and it appears we may be halfway to forming another inverse head-and-shoulders
If you enjoyed this analysis or learned something new, please like this idea so more people can be aware of the possibilities of this coin.👍
Feel free to follow for for important updates for this coin and trading strategies.🏆
Would also like to know your thoughts! Remember this is not financial advice, however, it is an overview of what I am seeing in this coin's price action.
-Happy Trading
MoneyGrind
- BTC dropping had an effect on OXT, but this drop may have kept OXT on track to making new ATH. Let's start from the top!
Price Chart
- This time on the chart you can see the activity we had before making new ATH and the activity we have now.
- 50 EMA(yellow) acted as a perfect support for OXT when it was dropping. If BTC decides to continue selling off, it's possible that the 50 EMA support gets broken
- You'll have to zoom in on this but we are back into the bullish channel! You'll also see a bullish hammer candle that will be confirmed if the next candle closes green
- If BTC continues to sell off, I see we could drop down to the $0.44 then $0.37 area
RSI
- The main reason I spread out the chart this time is because of the pattern we made in the RSI prior to reaching ATH. What I did was trace the trend and mirror it to where we are now and we are surprisingly similar
- If we were to replicate the same trend, odds are we would be seeing a new ATH in less than a month
- That trend was an inverse head-and-shoulders and it appears we may be halfway to forming another inverse head-and-shoulders
If you enjoyed this analysis or learned something new, please like this idea so more people can be aware of the possibilities of this coin.👍
Feel free to follow for for important updates for this coin and trading strategies.🏆
Would also like to know your thoughts! Remember this is not financial advice, however, it is an overview of what I am seeing in this coin's price action.
-Happy Trading
MoneyGrind
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