Tytan Holdings Inc (TYTN)

[dmlabuda]

With the low price of the last six days getting a little higher each day, we now have an ascending triangle on the chart which is generally considered a bullish price pattern. It’s a small triangle however so the price forecast for a move following a breakout (if it comes), is only up to around $0.0040. Before it gets there, there is plenty of resistance in the gap and also at $0.0035. The resistance at $0.0030 has held for six days now and the volume has been weak compared to the gap down day 6-days ago. So, the bears still appear to be alive and well. I still believe that there has to be a lot of sell orders in that gap. If the price breaks out of the bearish channel (just above $0.0030 now) and meets strong resistance at $0.0033 that could sort of turn the ascending triangle into a rising wedge (assuming that the low for each day continues to rise sharply). That would still be bearish in spite of the breakout but, with a greater degree of danger involved for the bulls because prices tend to fall fast and far out of a wedge formation. But, I’m beginning to see conflicting signals now so, it’s going to be harder to call this one. I think, I’m going to wait and see what happens in the next two days. I still have to give the edge to the bears here. But, the bulls are amazing to have managed to build an ascending triangle in the face of all that resistance. I continue to expect the market to try to support at the 200 day average currently at $0.0016+.

Bullish News: There is a Bull Flag forming on the TYTN weekly chart but, it does not appear to be completed yet. Also on the Weekly chart is support at $0.0016 so once again, that looks like a place that this price is heading.