ACH ready for another upward move

After a strong upward rally of ~123%, ACH has been in correction mode. Currently the micro 0.5 fib of ACH is holding as support and it has been forming a pennant. If the pennant is broken upward, we might be seeing another upward rally (possibly impulse wave 3). On the other hand, if somehow it breaks downward, there is a possibility of retesting the demand zone.

I am personally expecting it to break upward, though I will be waiting for the confirmation since BTC is slightly bearish right now.

Kommentera:

After a small fake-out downward to trap the bulls and bears, ACH moved upward as expected.
There were several reasons indicating upward movement, but fake-outs in these type of situations are getting more and more common since people are getting more and more aware of basic TA.

Trade stängt: målet nått:

Target 2 was hit.