Technical Analysis - Ocean
OCEAN/BTC - 01/30/2020
As shown above, we will be updating the technical analysis on OCEAN/BTC from the 3rd of January.
This TA could not have played out more perfectly. We received a sell-signal from the MKAST algorithm and were looking for final support and resistance flip on the shown green box. As of right now, we see some bullish engulfing at this particular area, which indicates the suggested S/R flip.
As already mentioned above, we are looking at an active S/R flip at the green key-area. Before this S/R flip, we also have seen a low volume on the retrace, which indicates a small interest of sellers at those particular levels. Yet, talking about the volume, we get to the issue of this recent S/R flip. It is that on the bullish engulfing, we are not seeing significant volume (above the volume MA), which could be a warning sign for traders looking at this. Once again, volume seems to be the only issue with this. Especially looking at the MKAST Algorithm, which has printed a Buy-Signal on this candle, we have an additional confirmation to the slightly bullish bias at these levels. I have to mention that a 2D close below the green area of what
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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