Hey Chart Watchers (DEC this time)!
Will be tracking DEC from time to time when I see something interesting playing out. Otherwise, it's very highly correlated with SPS so if SPS moons, so does DEC, and vice versa. Anyway, on to the show!
Bottomed out?
Similar to SPS, the overall DEC structure recently is a broadening descending channel. That is typically a bullish pattern, but ONLY IF price breaks above the upper trend line. You have to get out of the pattern to validate its bullishness, otherwise we'll continue to fall.
However, if you look at the RSI, we appeared to have bottomed out after the last dip. We'll see in the next few days if demand for DEC increases.
Somebody Pushed DEC Off A Cliff!
The thing that I wanted to show you guys was a perfectly played out horizontal triangle, a break in structure and the hitting of its technical target. If you look at the recent activity of DEC, it formed a horizontal triangle, typically a continuation pattern (if bullish prior to triangle, then up, if bearish, the down).
Now, typically, traders only put in bids upon confirmation of a break, because it can go both ways. In DEC's case, it broke to the downside, and the technical target for such a break is the height of the triangle. That's what the lines signify. and LOOK AT WHERE THE DEC PRICE WICKED DOWN BEFORE COMING BACK UP? Cool yeah? :)
Anyway, where DEC goes from here let's see. If there are any interesting patterns at play, I'll be sure to let you guys know. In the meantime, take care all, stay safe and HODL strong! :)
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