For LEO investors $5.2-$5.3 area will be a region of…
Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought of funding recommendation.
Bitcoin crashed previous a number of essential assist ranges prior to now two days, however in the identical time interval, LEO solely noticed a pullback on its uptrend from early June. Was this an indication of power for LEO?
The value was buying and selling at an essential demand space at press time. Some respite for Bitcoin from the promoting stress may nicely see LEO soar larger on the worth charts within the days to come back.
LEO- 12-Hour Chart
The Fibonacci retracement ranges (yellow) confirmed that the worth was above the 38.2% retracement stage, nonetheless, it noticed massive wicks that noticed LEO momentarily drop to the $5.1 mark. Nevertheless, a buying and selling session shut beneath the $5.26 stage, the earlier larger low, wasn’t seen.
Earlier than the positive aspects of late Could and June, LEO had been toiling in a downtrend. Within the final week of Could, the worth broke previous a decrease excessive at $5.2 and pushed larger to $5.43, earlier than seeing a deep pullback to $4.9. But, in doing so, the longer-term construction was flipped to bullish.
And, that’s the way it stays. From late Could, the worth has set larger lows. Within the days to come back, a session shut beneath $5.26 might be ominous for the bulls. Equally, if the worth can push previous the $5.58 stage, it might possible attain $5.79 earlier than a pullback on its uptrend.
The indications confirmed the asset having bullish momentum. The H12 RSI retested impartial 50 as assist and seemed to be shifting upwards as soon as once more, simply as the worth itself finds assist on the beforehand bearish order block.
Therefore, there may be some suggestion that the earlier provide zone has now been flipped to demand, and a transfer upward might be seen. The MACD was additionally nicely above the zero line, though it shaped a bearish crossover to point a pullback.
The A/D, alternatively, has been on a gradual downtrend and confirmed that the promoting quantity has been heavy. The CMF has additionally been beneath -0.05 within the month of Could, to indicate important promoting stress. Nevertheless, the CMF managed to climb again above +0.05, whereas the A/D moved sideways on the charts.
The indications weren’t in agreement- though momentum was with the bulls, there was not regular nor important shopping for stress to maintain a rally upward. The $5.2-$5.3 space stays a area of demand. Regardless of the dearth of demand, LEO may push larger as soon as extra.