Weekly Bullish Divergence on Bitcoin-Clones Basket (LTC-NMC-PPC)
Updated
We see price doing lower lows and stays afloat on a bottom while weekly RSI (30 periods) is grinding higher lows. Bullish divergence is brewing.
Coupled with a false breakout, we might see a medium-term rock bottom.
The false breakout is giving a nice 3 bars pattern "kangoroo tail" discovered by Alexander Elder which uses also MACD or RSI divergence to select them. Which is the case.
Reversal might takes time to unfold because of the weekly timeframe, but this offer a good risk/reward on the current dead altcoin clones.
Remember, this is a very high level "macro" view. Be wise.
Coupled with a false breakout, we might see a medium-term rock bottom.
The false breakout is giving a nice 3 bars pattern "kangoroo tail" discovered by Alexander Elder which uses also MACD or RSI divergence to select them. Which is the case.
Reversal might takes time to unfold because of the weekly timeframe, but this offer a good risk/reward on the current dead altcoin clones.
Remember, this is a very high level "macro" view. Be wise.
Note
Things unfold quite smoothly.Risk was bear minimum (-5%) and reward is quite high so far (+40%). Ratio Risk/Reward up to 8 and counting !
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