Reef's trend has been favourable.
Looking again at Reef since it entered the existing rising/symmetrical triangle on Feb 28th. Now with redrawn support line since market correction on 5th April. The previous support line is the dotted red line. Both lines fit well.
Since entering the triangle, Reef has been above the 20MA for 25 of the 40 days, performed slightly better than BTC, and is up approx 40%.
At the moment it needs to break above the 20MA and previous support line, which is now acting as resistance.
If price moves out of the top of the triangle, it will need to move though $0.04 and probably $0.046 to really be clear of all previous resistance. Measurements suggest a target of 0.06 might be possible if/when this happens.
Although price is currently moving up to test the dotted red previous support line, volume is weak and will need to be as strong as on previous break outs - see Feb 11th and March 12th. Note that this built progressively over a few days.
Since entering the triangle, Reef has been above the 20MA for 25 of the 40 days, performed slightly better than BTC, and is up approx 40%.
At the moment it needs to break above the 20MA and previous support line, which is now acting as resistance.
If price moves out of the top of the triangle, it will need to move though $0.04 and probably $0.046 to really be clear of all previous resistance. Measurements suggest a target of 0.06 might be possible if/when this happens.
Although price is currently moving up to test the dotted red previous support line, volume is weak and will need to be as strong as on previous break outs - see Feb 11th and March 12th. Note that this built progressively over a few days.
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