Disclaimer: The findings of the next evaluation are the only opinions of the author and mustn’t be thought-about funding recommendation.
Bitcoin crashed previous a number of essential assist ranges previously two days, however in the identical time interval, LEO solely noticed a pullback on its uptrend from early June. Was this a signal of energy for LEO?
The value was buying and selling at an essential demand area at press time. Some respite for Bitcoin from the promoting stress may nicely see LEO soar increased on the value charts within the days to return.
LEO- 12-Hour Chart
The Fibonacci retracement ranges (yellow) confirmed that the value was above the 38.2% retracement degree, nevertheless, it noticed giant wicks that noticed LEO momentarily drop to the $5.1 mark. However, a buying and selling session shut beneath the $5.26 degree, the earlier increased low, wasn’t seen.
Before the positive factors of late May and June, LEO had been toiling in a downtrend. In the final week of May, the value broke previous a decrease excessive at $5.2 and pushed increased to $5.43, earlier than seeing a deep pullback to $4.9. Yet, in doing so, the longer-term construction was flipped to bullish.
And, that’s the way it stays. From late May, the value has set increased lows. In the times to return, a session shut beneath $5.26 may be ominous for the bulls. Similarly, if the value can push previous the $5.58 degree, it will doubtless attain $5.79 earlier than a pullback on its uptrend.
The indicators confirmed the asset having bullish momentum. The H12 RSI retested impartial 50 as assist and appeared to be transferring upwards as soon as once more, simply as the value itself finds assist on the beforehand bearish order block.
Hence, there may be some suggestion that the earlier provide zone has now been flipped to demand, and a transfer upward may be seen. The MACD was additionally nicely above the zero line, though it shaped a bearish crossover to point a pullback.
The A/D, however, has been on a regular downtrend and confirmed that the promoting quantity has been heavy. The CMF has additionally been beneath -0.05 within the month of May, to indicate vital promoting stress. However, the CMF managed to climb again above +0.05, whereas the A/D moved sideways on the charts.
The indicators weren’t in agreement- though momentum was with the bulls, there was not regular nor vital shopping for stress to maintain a rally upward. The $5.2-$5.3 area stays a region of demand. Despite the shortage of demand, LEO may push increased as soon as extra.