Price is in an Uptrend. It reached $400 resistance and got rejected again. Now we look for the right entry opportunity in Uptrend. We wait for price to pull back near $300 support for a swing trade entry in Uptrend with +30% upside potential to $400. Stop Loss at $260. (set a price alert). Momentum is inflecting bullish again (MACD Histogram rising).
Pattern: Pullback in Uptrend. Price remains in an Uptrend but has pulled back, which could present a 'buying dip' opportunity. Traders should look for the nearest support level where price could stabilize and resume its Uptrend. This support level could be a level where price bounced off of in the past, or a level that was previously resistance. (concept known as polarity).
Trend: Short-term trend is Strong Up, Medium-term trend is Up, Long-term trend is Strong Up.
Momentum is Bearish but inflecting. MACD Line is still below MACD Signal Line but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing an upswing. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $300.00, then $240.00. Nearest Resistance Zone is $400.00, then $500.00.