Crypto price attempts 20% rally without chasing sell stops

  • price produced a higher high in an effort to trigger a 20% rally.
  • The upside may reverse after a 12% rise due to uncollected sell stops below $0.1080 and $0.0985.
  • A daily candlestick close above $0.1080 will invalidate the bullish CRO thesis. price trended up between September 7 and 10 as Bitcoin price surged on a bullish resurgence. However, as the bulls run out, BTC is slowing down and altcoins including CRO are also taking a slight hit. price ready to take the test price is hovering between $0.0985 and $0.1950, with the midpoint at $0.1460. Although the CRO produced lows equal to $0.1080 and rose 15%, the pullback was only 4%, leaving the sell stops uncollected.

Either way, the 15% move created a higher high from the September 6 swing high at $0.122. This change in bullish market structure stipulates that the price of should rise after the ongoing pullback.

From a market maker’s perspective,’s price could be targeting the August 26 high at $0.1330, or around 12%. In a very bullish case, the CRO could hit $0.1420 after rising 19.5%.

Either way, a 12%-19% move could be brewing for CRO and the only way this scenario will happen is with Bitcoin price support.

CRO/USDT 1-day chart

While things are looking up for price, the bullish outlook is derived from Bitcoin’s recent surge. If the big crypto turns around, CRO will follow. Therefore, a daily candlestick close to the equal lows formed at $0.1080 will invalidate the bullish CRO thesis.

In such an event, price might sweep the range to $0.0985 to collect the next set of sell stops.


#Cryptocom #price #attempts #rally #chasing #sell #stops #Crypto

Related Articles

Back to top button