$ORN: Follow up on predicted correction!
Well look what we have here. Orion Protocol is behaving in an incredibly clean manner. After my posed question of "time for a dip", we saw a pretty swift and violent wick down to the .382 fib and a beautiful confluence of the fib paired with the lower .5 pitchfork prong that acted as support.
Now we're looking at a pretty ridiculous recovery with ATH's already being broken only 12 hours later.
4hr right: Has quite a few lines on it... but they're simply the pitchfork mixed with the fib retracement levels, and a Bollinger band hybrid. The arrows I've drawn on the screen indicate the things that I'm looking at as confirmation of the PA respecting those technical indicator levels. Now that we're basically back in price discovery? At least for the moment? I would expect the upper 1.5 pitchfork prong to be tested again, especially if the 4 hour closes above it. If it breaks? Then I'd expect to see the subsequent pitchfork / fib levels tested. If you were going to buy the dip? That was probably it, if you're still waiting to pull the trigger? I'd wait for confirmation above the current pitchfork prong that is providing support at the moment.
Daily left: The daily shows us an incredible wick and subsequent bullish recovery. Honestly corrections like that, where the buyers step in so rapidly, shows strong trend, and bullish momentum. Just because some whale decides to dump a crap load of a crypto on a market sell, doesn't mean that people aren't ready and waiting to scoop that up.
Fundamentally: $ORN is still very very undervalued. As we see projects like $BNB pump to ridiculous levels, we're also seeing #Dex's pump as well. It's only a matter of time before truly novel platforms like $ORN, that provide a market wide aggregate to all the exchanges and their liquidity, pump to the moon.
Altcoin Psycho pointed out that a bunch of BTC options expire at the end of this month and that we should expect more volatility. If you're looking to scalp this or day trade I'd be very very careful. I'm only buying spot here and holding until we see parabolic blow off tops from the majors. Then I'll consider selling my Orion position
Now we're looking at a pretty ridiculous recovery with ATH's already being broken only 12 hours later.
4hr right: Has quite a few lines on it... but they're simply the pitchfork mixed with the fib retracement levels, and a Bollinger band hybrid. The arrows I've drawn on the screen indicate the things that I'm looking at as confirmation of the PA respecting those technical indicator levels. Now that we're basically back in price discovery? At least for the moment? I would expect the upper 1.5 pitchfork prong to be tested again, especially if the 4 hour closes above it. If it breaks? Then I'd expect to see the subsequent pitchfork / fib levels tested. If you were going to buy the dip? That was probably it, if you're still waiting to pull the trigger? I'd wait for confirmation above the current pitchfork prong that is providing support at the moment.
Daily left: The daily shows us an incredible wick and subsequent bullish recovery. Honestly corrections like that, where the buyers step in so rapidly, shows strong trend, and bullish momentum. Just because some whale decides to dump a crap load of a crypto on a market sell, doesn't mean that people aren't ready and waiting to scoop that up.
Fundamentally: $ORN is still very very undervalued. As we see projects like $BNB pump to ridiculous levels, we're also seeing #Dex's pump as well. It's only a matter of time before truly novel platforms like $ORN, that provide a market wide aggregate to all the exchanges and their liquidity, pump to the moon.
Altcoin Psycho pointed out that a bunch of BTC options expire at the end of this month and that we should expect more volatility. If you're looking to scalp this or day trade I'd be very very careful. I'm only buying spot here and holding until we see parabolic blow off tops from the majors. Then I'll consider selling my Orion position
Commentaire:
Ooooh BOY did we call this one! Let's get it!
