Hodl, dear members of LeoFinance!
Today I would like to outline something interesting on the price chart of Status.
In the daily chart (1D), SNT/USD has formed something similar to an Inverted Head and Shoulders (common trend reversal pattern):
As can be seen from the chart, a breakout took place, and the price has surpassed the neckline. Later, during the correction in the summer, the price dropped to the neckline. After a retest of the neckline, the price has rebounded. A clear signal that the bulls didn't let the price get back into the bearish territory (below the neckline). So, it seems that we are at the very beginning of the potential uptrend.
Moreover, in the 4-hour chart (4H), if we draw a line through the last local lows we can see that this line or the trend line is heading upwards:
This is a clear signal that a potential uptrend is starting. So, probably, sooner or later, the bullish signal from the 4-hour time frame will transmit to the daily time frame as well.
To be continued ...
As of the time of writing, one SNT costs $0,0934 on the Binance crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 and a half years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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