Overview: After a nearly 40% correction off the local high, ANKR has started its way back up - convincingly.
Analysis: The chart shows one important line of support in the 57-58 range, in green. On the 3-day time-frame, there are two overhead lines of resistance at the 75-76 area, then one final psychological resistance at the 119 area. There is plenty of room between these to make some profitable trades.
Deeper Dive: Not much complex going on here. Basic lines of resistance and support. As traders, we like to see volume decline during pullbacks, even if they're deep and extended. This pair shows light volume during the entire retracement, although it might not have felt that way to traders it is nevertheless a key indicator of a healthy pullback.
Comments: In a sideways-to-upward trend in bitcoin, I expect this pair to retest local resistance and take off. If bitcoin does anything quickly, all bets are off.
Final Note:There may be a day or two pull-back along the way, and do keep in mind that this is a small cap coin so it can be wild horse to tame, but in my view, there is a lot to be optimistic about in this chart as it stands.
"Every day is a little life, every waking and rising a little birth, every fresh morning a little youth, every going to rest and sleep a little death."
Analysis: The chart shows one important line of support in the 57-58 range, in green. On the 3-day time-frame, there are two overhead lines of resistance at the 75-76 area, then one final psychological resistance at the 119 area. There is plenty of room between these to make some profitable trades.
Deeper Dive: Not much complex going on here. Basic lines of resistance and support. As traders, we like to see volume decline during pullbacks, even if they're deep and extended. This pair shows light volume during the entire retracement, although it might not have felt that way to traders it is nevertheless a key indicator of a healthy pullback.
Comments: In a sideways-to-upward trend in bitcoin, I expect this pair to retest local resistance and take off. If bitcoin does anything quickly, all bets are off.
Final Note:There may be a day or two pull-back along the way, and do keep in mind that this is a small cap coin so it can be wild horse to tame, but in my view, there is a lot to be optimistic about in this chart as it stands.
"Every day is a little life, every waking and rising a little birth, every fresh morning a little youth, every going to rest and sleep a little death."