$MAGIC was 0.1042 when I called the trend broken fifteen hours ago. It is 0.1261 now, up 21% since that post, and back above the 0.1191 level I said it needed to reclaim.
So the condition I gave has been met, at least for now. Price is 5.9% above 0.1191. I said that if it could not get back there, I would treat the big week as finished. It did get back, so I can't hold that view either.
The volume tells a calmer story than the price. 24h volume is 26.9 million dollars, down from 69.3 million in my last post, and 1.68 times the weekly average. RSI is 66, warm but not stretched like the 88 I saw earlier this week. BTC is up 0.2%, so this is MAGIC moving on its own again.
I would not call this a new leg up yet. It is a recovery on much thinner trading, and price is still 23% under the 0.1639 weekly high.
0.1191 stays my line. Holding above it keeps the recovery alive. Falling back under it on this lower volume would tell me the bounce was mostly short sellers closing out, and I would go back to treating the week as done.
#TreasureDAO #MAGIC
So the condition I gave has been met, at least for now. Price is 5.9% above 0.1191. I said that if it could not get back there, I would treat the big week as finished. It did get back, so I can't hold that view either.
The volume tells a calmer story than the price. 24h volume is 26.9 million dollars, down from 69.3 million in my last post, and 1.68 times the weekly average. RSI is 66, warm but not stretched like the 88 I saw earlier this week. BTC is up 0.2%, so this is MAGIC moving on its own again.
I would not call this a new leg up yet. It is a recovery on much thinner trading, and price is still 23% under the 0.1639 weekly high.
0.1191 stays my line. Holding above it keeps the recovery alive. Falling back under it on this lower volume would tell me the bounce was mostly short sellers closing out, and I would go back to treating the week as done.
#TreasureDAO #MAGIC