I am really bullish on $CRV since we closed over the $.58 level on the daily. Let me lay out my case. The RSI breaking over the local resistance we have been loyal to since July. Last time we broke over similar resistance was in early July when we went from $.50 to $1.30. So keeping over this line with another daily close as confirmation will be huge tomorrow.
Next when we look at the MACD we clearly see a bull cross and upward trend. However, we need to get over the resistance, former support, line that is shown in green. But it looks like momentum is in our favor. How do I know this...look at the stochastic RSI.
No the Stochastic RSI is the shortest term momentum indicator and I have marked off each time we broke above the 80 mark, and you can see that we had more movement to the upside till we peaked at the 98-100 level (highest it can go). What is most notable to me is that we stayed embedded back in early July for the monster run we had, while since those runs have been minor rises with continued correction down. So, why would I think this could be the repeat of a July style run? Because the confluence with July run, and difference between last 2 short runs, is the RSI breaking above the downtrend, at a bottom level.
Could it still do a head fake and head back to support line shown at the bottom...absolutely. But there is more reason to believe we don't know, and that the bottom is in, based on this analysis IMO.
So, what I am watching specifically is holding this channel I have created on the chart, maintaining RSI above resistance line, even retesting it as support is fine. And ultimately getting back into the macro channel we lost, which then easily opens up $4.00 potential if we moved to the top of that channel.
There are other areas of confluence to be bullish, but we are at a great position to see a continued rise if we can just push through these final elements.
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