I am really bullish on $CRV since we closed over the $.58 level on the daily. Let me lay out my case. The RSI breaking over the local resistance we have been loyal to since July. Last time we broke over similar resistance was in early July when we went from $.50 to $1.30. So keeping over this line with another daily close as confirmation will be huge tomorrow. Next when we look at the MACD we clearly see a bull cross and upward trend. However, we need to get over the resistance, former support, line that is shown in green. But it looks like momentum is in our favor. How do I know this...look at the stochastic RSI. No the Stochastic RSI is the shortest term momentum indicator and I have marked off each time we broke above the 80 mark, and you can see that we had more movement to the upside till we peaked at the 98-100 level (highest it can go). What is most notable to me is that we stayed embedded back in early July for the monster run we had, while since those runs have been minor rises with continued correction down. So, why would I think this could be the repeat of a July style run? Because the confluence with July run, and difference between last 2 short runs, is the RSI breaking above the downtrend, at a bottom level. Could it still do a head fake and head back to support line shown at the bottom...absolutely. But there is more reason to believe we don't know, and that the bottom is in, based on this analysis IMO. So, what I am watching specifically is holding this channel I have created on the chart, maintaining RSI above resistance line, even retesting it as support is fine. And ultimately getting back into the macro channel we lost, which then easily opens up $4.00 potential if we moved to the top of that channel. There are other areas of confluence to be bullish, but we are at a great position to see a continued rise if we can just push through these final elements.
781
10
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.