Vite 230% Bullish Wave Supported by Classic Signals

And every now and then we go back to basics...

Notice the 16-Feb. session; The long upper wick or shadow is there to remove resistance. Normally, a long upper wick would be considered bearish but this is not the case here. When we add some context, the chart reveals the full picture.

This session has really high volume, the highest on daily basis since November 2022.
The day closed above EMA50 and was supported by a strong RSI. These signals help us determine that the upper wick is a move removing resistance rather than a rejection.

And then we have a break of MA200 today. Once this level is conquered, the pair is ready to grow long-term.

The bullish divergence with the RSI has been mentioned many times recently and is also a classic. These are all pointing higher... 170%-230% is only the initial move —much more is possible long-term.

Namaste.

Kommentera:

Another perfect bullish chart setup.
Pretty early, the major bullish move is yet to show.