COTI Crypto – Breakout Now!? Price Update and Technical Analysis, Price News Today!
I did have to do another. One um did the last one yesterday before that breakout and now weve got it. I am said yesterday that i break out for cody seems to be very likely above 40 cents and yes, it is happening now so were going to take a look at that. We talked about on this channel before it actually happened about that breakout of the handle, and it happened exactly here. So this is a car pattern. Cup handle perfect handle formation and we had the breakout where we said we would have it when that descending sorry thats the diagonal support line or that descending channel hit that trend line. Here we had a triangle shape here and in the apex we had a breakout. So very clear, very nice played out textbook like gave you my target of 60 cents, which is the target of a cup and handle pattern playing out from here. Taking the depth adding the depth of the cup here to the breakout point thats one way of doing it, and what can we see here on the rsi? Looking really good, really trending um shows that the rsi is currently confirming that uptrend, not slowing down on the daily macd as well. We made a bullish crossover just here on the daily that was yesterday so very nice, and we had the golden cross of the 50 day moving average crossing above the 200 day moving average. So this is all looking good.
What we want now that weve broken above 40 cent, because that was my personal breakout point um now that weve broken above the 40 cent. We want that um the daily actually closes above that level. That is important. Now weve got a few more before we get to 60 cents. Weve got a few more resistance levels here that we can talk about now that weve actually made that break um. So weve got a few here where we might bounce off, so weve got one here, which is that close of that high at 45. So we just put that onto the chart, then possibly also that high of that upper shadow, which is 50 cents – and i think these are the key ones – yeah so theres a bit of a resistance here potentially, but we dont, we dont, need to put everything on The chart so lets go. We want to have a look on the hourly chart, just to explain a little bit better. What actually happened and see if we have retested that level already so that its the hourly so and that is very, very significant. So what i did say yesterday, guys on in my update video before we had that breakout. I did say that um, it seemed like that move here to the upside was slowing down. It was losing momentum, okay. That is what i said, but i said that these moves when were heading towards a breakout point.
These can actually lead to really nice breakouts, because what sometimes happens when a breakout is too obvious, like we had it back here that, then the breakout is actually not going to happen, that there is a little bit of a fake breakout to throw weekends out of The market and, for example, just to throw people out of the market who are having automated buy orders above this breakout point and then set their stop loss as well. Very tight and the smart money knows that smart money will push the price higher and then drop. The price so that these three people are again thrown out of the market, giving them then the chance to buy cheaper the smart money and do we have something similar? Well it it doesnt happen that often when we have a less obvious breakout so again did say. Yesterday, from here to there we had a stronger trend, it was then slowing down a little bit. We saw that on the rsi yesterday, but i said that its not a sign necessarily when we are in that nice uptrend that when we make higher lows that we are having a difficulty to break out, because it is obviously oftentimes. The less obvious moves towards a breakout that can really lead to a breakout and it did and thats nice to see so we had one higher high higher low here and higher low here, another high low another higher low and thats.
Always what i say this is this pattern that is building up a breakout, build up or how its called when you move closer towards such a level that you make these higher lows and then the price in the last attempt cant really be pushed away anymore. From that level – and that is again what happened, then we had support here and broke through and now we have a red candle, not a very strong one, thats nice, and actually that trend is increasing. Again. You can see that from there thats a different angle than for example, that one so you can clearly see we are increasing in trend strength again, not slowing down at the moment. So we might actually go up to the 45 level, which is that previous high – and we can see also here, that the on the hourly that the rsi is going up is increasing in strength. You can also see that on the macd, where the lines are diverging from each other, so in my opinion, this is really looking good. I think we have potential now to get to 50 45 before we make an attempt to 260. What i want to see on the daily is that the candle obviously closes above 40, but i would not. I would want to see now how that red candle plays out. If i was trading but as you know it, i bought it before because weve been talking about this breakout before i was speculating a little bit.
If youre a breakout trader, you would always wait for the breaker to trade, so you could have traded here enter the position here when that breakout was confirmed. Other more conservative traders would go in as soon as they see the reversed red candle and if a retest of that 40 cent level is successful – and it seems like that at the moment, but that candle hasnt closed yet candle is also not very big. But we need to see how its developing um its currently going down a little bit. So as long as we keep above that 40 cent level, i think, were good and in the next move, then, if you then see a green candle, thats, probably the safest way to go in no financial advice, of course, and its looking good. It is that breakout that weve been talking about in this channel for a while now and the last time it was supposed to happen. We can see it was a bit too obvious. We went there and i think then i did another video here and um again. It just was then before that flash crash, so it just didnt play out, but now it seems like were finally there with a bit of a delay, so good news and cup and handle playing out. Hopefully, if thats playing out, we can expect nice prices in the near future. So okay wanted to update you about that congrats to everyone who went actually in earlier, and hopefully you liked that video.