SPIUSDT, Possibly the Start of Bullish ReversalSPIUSDT, Possibly the Start of Bullish Reversal.
Double bottoms of equal lows showing support in the Up Channel from its lowest bottom to the recent higher low.
If and only if there is a series of rising candles and it hit above the Neckline. This shall be the 1st conformation.
Some hours to watch how it playout and it could mean the start of a bullish reversal in a macro level.
In the interval of 1 Weekly chart, it also quite likely SXP is positioning for a a bullish trend.
The SRSI is starting to show the leading K-Line. However, a better confirmation is the K-Line to cross up and above the 20% mark. Slightly more than a day would have the Weekly Chart updated. This is 2nd confirmation.
The 3rd confirmation is the ascending trend to produce higher high has to hit above $1.30-ish, in order to gain x3 supports at $1.20, Plus, achieving 50 % of the Fib chart.
Formation of the 3rd confirmation is the 3 waves possibly form part of the 5 impulses for uptrends.
Overall, it is still in an early stage positioning and trading is better for Long. Perhaps, to reap profit by end of the year of March 2021.
