$DNA Possible Accumulation. Fib levels very reactive.
Updated
A pretty compelling argument for a classic Wyckoff Accumulation pattern. We know some people like Woods are investing heavily into this market, so it's not a long shot to assume there are others. Whether we see a spring or LPS our way up to SOS is TBD, we could shoot in either direction as it stands. PTs are at $7-$15 according to analysts. This seems to line up with extensions. OBV shows each consecutive low on the PA is higher on the OBV. This is a great indication of an increase of strong hands ownership. Overall, I think I am mostly bullish at the current level. Should we happen to dip lower for a spring, I will significantly add to my position.
Comment
We ended up with a failed spring which took us lower for further accumulation. The 1.414 target for a deep spring was hit and had a nice bounce, but we rejected off of the previous support. Since then, we formed a great looking falling wedge, and just broke out yesterday, with the daily confirming the break. We still have a chance at another spring, but I think the bulls want this to go up now so it might be a weak backtest instead. I'm thinking mid-low
1S is bottom.Disclaimer
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