COTIBTC Falling Wedge| Low Volume | Retest of lows

18 mar 2020

Evening Traders,

Today’s Technical Analysis will focus on COTIBTC, trading in a probable falling wedge looking to retest local lows.

Points to consider,
- Trend bearish
- Lower lows likely
- RSI showing signs of divergence
- Stochastics neutral
- Volume Clearly declining

COTI’s trend has put in consecutive lower highs after breaking the all-important 21 EMA. A lower low is likely as this will test structural support.

The RSI is putting in higher lows, will eventually form into a bullish divergence upon a retest of lows (green area). Stochastics is currently neutral with momentum stored in both directions.

Volume nodes are clearly declining; this signals a move being imminent in the near future.

Overall, in my opinion, COTI is likely to retrace back to local lows for a retest, which will put in a bullish divergence, increasing the probability of breaking bullish from this pattern formation.

What are your thoughts?

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And remember,

Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone