- June 9, 2022
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
Ocean Protocol (OCEANUSD) broke today above the 1D MA50 (blue trend-line) for the first time since April 24. Still, this is not the time to turn bullish, not even on the medium-term, as the pattern since the December 01 2021 High has been a Bearish Megaphone. As long as the price trades below the pattern’s Lower Highs (top) trend-line, it is more likely to see a rejection back towards the 0.15800 Support and if broken, the 4.0 Fibonacci extension. This is because ever Lower Low of the pattern was near or below a +1.0 Fib progression. On top of that, the 1D RSI is approaching the overbought 70.00 level.
If you are looking for a long-term buy, it would be best to wait until we close a candle above the 1D MA200 (orange trend-line). The coin has been trading below that trend-line since January 20 and in fact we had a clear rejection on it on March 21.