Overview - Overall could be forming the SAME previous ATH structure(see below) that will REALLY make OXT breakout! This could get exciting real fast if this actually plays out. Let's start from the top!
Price Chart - 4hr Chart with 20/50/200 MA's to help indicate future supports - Currently forming a bullish pennant that could propel OXT's price even higher. Hopefully splashing through the $0.85 and $0.92 resistances and towards a new ATH - 20MA(green) starting to work its way above the 50MA(yellow). Better to have shorter time frame over the longer time frame. If this is confusing feel free to ask for a complete definition down below! - Breakout could also occur when we break the declining resistance shown on the chart - BTC stays bullish, enjoy the HUGE move OXT could possibly make a 37% gain if we reach $1
RSI - Jumped back into the ascending channel! very bullish
Stoch - Stoch currently has a value of 70 which is bullish
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Would also like to know your thoughts! Remember this is not financial advice, however, it is an overview of what I am seeing in this coin's price action.
-Happy Trading MoneyGrind
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- OXT is attempting to breakout from the bullish pennant! - If successful, could be seeing $0.85 as next resistance
@MoneyGrind Excellent work as always! Hey, I was watching the RSI play out in correlation with bull pennant beginning last night and throughout the day. Other than knowing >70 is over-purchased and likely leading to a reversal, I'm not certain how to interpret. You mind elaborating on what you mean by, 'RSI in an ascending channel'? Thanks as always!
MoneyGrind
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@a87, For sure! The two red lines on the main idea chart make up the ascending channel. Ascending channel in the RSI is basically used the same way you would on price where you measure where bounces usually occur for the highs and lows. It looks horizontal because it's a (very)long-term channel. Long-term channels mixed with future resistances are great ways to get higher profits. Since OXT sold off for four days it broke out of that channel becoming oversold, however, yesterday OXT gained massive volume and now OXT is back in the long-term channel! This also means that we are repositioned into the bullish trend
Hope this helps but will gladly try to help more if needed!