The calm before the STORM?
Okey dokey, let's have a look at STORM!
At first glance, on the four hour chart there is nothing overly interesting going on. RSI is currently at about 63 so not overbought or oversold, and there is not much momentum in the MACD (though it has crossed over the signal line giving a bullish signal; but again with no real momentum at this stage!).
We are currently trading above both the EMA 12 and EMA 26 and are currently testing the EMA12/23.6% Fib as support. If confirmed then this is likely to become strong support killing two birds with one stone so to speak. I expect we will then move upwards to test the top of the dotted uptrend channel, before a likely retrace back down to confirm the bottom of the dotted uptrend channel as support. We should then move higher to test the 38.2% Fib's resistance. Unless momentum builds over the coming days/weeks then it is likely to retrace again from this point (though we will of course re-analyze based on how the market responds and the new information we gather over the coming days/week) causing STORM to play a bit of crypto ping pong within the uptrend channel.
It is worth noting that Accumulation/Distribution is static with no real uptrend movement to support the recent uptrend channel as an actual valid up trend; however on the daily chart we have just completed a 'Three Inside Up' candle stick pattern indicating a bullish reversal with high reliability; so we may well see some momentum building over the next few days!
Given it is not overly clear cut which direction STORM will take I am not going to suggest trade entry and exit points, that is for you to determine after completing your own research and analysis. Also, remember to wait for confirmations before placing a trade as too many people seem to blindly place trades on other peoples analysis before any breakout (whether up or down) is actually confirmed!
Cheers!
At first glance, on the four hour chart there is nothing overly interesting going on. RSI is currently at about 63 so not overbought or oversold, and there is not much momentum in the MACD (though it has crossed over the signal line giving a bullish signal; but again with no real momentum at this stage!).
We are currently trading above both the EMA 12 and EMA 26 and are currently testing the EMA12/23.6% Fib as support. If confirmed then this is likely to become strong support killing two birds with one stone so to speak. I expect we will then move upwards to test the top of the dotted uptrend channel, before a likely retrace back down to confirm the bottom of the dotted uptrend channel as support. We should then move higher to test the 38.2% Fib's resistance. Unless momentum builds over the coming days/weeks then it is likely to retrace again from this point (though we will of course re-analyze based on how the market responds and the new information we gather over the coming days/week) causing STORM to play a bit of crypto ping pong within the uptrend channel.
It is worth noting that Accumulation/Distribution is static with no real uptrend movement to support the recent uptrend channel as an actual valid up trend; however on the daily chart we have just completed a 'Three Inside Up' candle stick pattern indicating a bullish reversal with high reliability; so we may well see some momentum building over the next few days!
Given it is not overly clear cut which direction STORM will take I am not going to suggest trade entry and exit points, that is for you to determine after completing your own research and analysis. Also, remember to wait for confirmations before placing a trade as too many people seem to blindly place trades on other peoples analysis before any breakout (whether up or down) is actually confirmed!
Cheers!
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