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SKL, continuation or retracement?
SKALE had a really good day today but looks to have retraced back from the .236 Fibonacci retrace level from the previous dip back to the .382 Fibonacci level and potentially could be forming the upper part of a forming wedge (dashed red line). This leaves a couple of options still on the table from the looks of it.
Option one is a continuation (which could easily be supported soon by MACD on the daily chart soon). However, there is also the possiblity that an ascending triangle could be starting (solid red lines) after which a small dip could occur over the next few days before heading up again (particularly if BTC dips), that is, assuming it doesn't continue downward beyond the bottom support (solid red line).
There at least look to be a couple of options upward for SKL at least, so it should be interesting to see how it plays out over the next few days.
Option one is a continuation (which could easily be supported soon by MACD on the daily chart soon). However, there is also the possiblity that an ascending triangle could be starting (solid red lines) after which a small dip could occur over the next few days before heading up again (particularly if BTC dips), that is, assuming it doesn't continue downward beyond the bottom support (solid red line).
There at least look to be a couple of options upward for SKL at least, so it should be interesting to see how it plays out over the next few days.
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