SWAP March 19 TA
In this post I would like to share with you what I think of the current PA, S/R zones etc.
Trend
Currently still downtrend on lower and medium TF. However, the volume is decreasing. That means the market is strengthening and is likely to bottom out.
Fibonacci
Price hit GP from Nov low to ATH to the cent and bounced off it. Currently holding in the GP from last impulse up (Jan low to ATH).
Indicators
We are very close to the support line on both RSI and stoch 3D support line connecting Nov and Jan lows.
Divergence
There is a hidden bull div on 1D stoch. Credit to AlphaOmega66 who found this.
S/R, Targets
We are currently below both monthly pivot and 21D EMA. Tried to break both of them but failed. So that’s a bit bearish. If we can manage to get above them, I would be looking for a quick move to 4 bucks.
If we fail to hold the GP we are now in I’m expecting to see a move to S1 around 1.55.
Conclusion
There is still pressure from the bears but we are holding some key support for now and there are a few bullish signs. So I’m slightly more on a bullish side.
Please note: PA will probably depend a lot on the performance of the upcoming launchpads and news etc. But since I cannot influence these, I’m going purely from the technicals. Bad news — bearish scenario, good news — bullish scenario.
This is not financial advice.
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