Good on you for admitting to that. I highly suggest you study the chart at your buy point and look before and after that point, particularly at volume and size of candlesticks. Indicators are nice and all, but as experience will teach anyone, indicators need to be approached with the proper mentality.
For what it's worth, the quickness of the downward move along with the fact it retraced near exactly 78.6% allows for the possibility for a continuation of bullish moves.
But to be frank, this is a last ditch opportunity and it is a must for the chart not to dip lower in order to have continued upward strength. The downward pattern is a complete one, but retracing beyond 78.6% is most definitely not a strong sign.
I do believe theres also a possibility that market makers were grabbing shares for cheap EOD yesterday. There were certainly some large buys going on, and market makers will make sure they sell those shares at a profit. Whether the chart has a shot at going above .01 is completely uncertain and anyone pumping otherwise is simply delusional.
Yes the resistance levels are clear, .05 seems very reachable but only after it can completely and fully take out .01 and .023, and that is a very long ways away.
When you see very large candlesticks on lower volume like we did in the last 100% move, you can rest assured that is panic buying and selling going on.
I use wave analysis and a couple hand picked indicators in my trading quite a bit, but nothing is more useful than understanding volume analysis IMO. The only truth in the chart is volume and price, the rest is a game of probabilities.
"A man should look for what is, and not for what he thinks should be." -Albert Einstein
In humility you will find freedom, and in freedom, truth.
-rd [reasondeep]
AI
