AIONBTC Bullish Divergence| Increasing Volume| Key Resistance

1 feb 2020Hello Traders!

Today’s chart update will be on AIONBTC where we have visibly increasing bull volume as structural resistance gets tested.

Points to consider,
- Trend still range bound
- Structural support – Accumulation
- Structural resistance yet to break
- Stochastics in upper regions
- RSI at overbought
- Volume increasing

AION’S trend is still range bound; it needs to break structural resistance promptly to allow the trend to put in a new higher high. The structural resistance is a key trade location where a close above, will further confirm a bullish bias.

Support has held AION successfully as accumulation was visible with the extreme volume coming in and staying above average. The stochastics is currently in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside.

The RSI is trading in overbought territory; a correction is imminent to cool of the indicator, more probable to test its support. Volume has been clearly increasing signalling bulls are in town, this needs to sustain for follow through.

Overall, in my opinion, AION needs to break structural resistance promptly with a confirmed daily close to keep a bullish bias – volume is looking extremely bullish.

What are your thoughts?

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And remember,

“Reaching any goal in trading requires specific domain knowledge and technical skills. But then, after that, it's all mindset management. Yet most people ignore that —they automatically think they have that last part all figured out, and it's a mistake.”
― Yvan Byeajee