Technical analysis by daymouse about Symbol OCEAN: Buy recommendation (4/23/2024)

$BINANCE:OCEANUSDT , 1d Price is trading above the 200SMA suggesting that the long term trend is intact. The downward trendline has been broken and has been consolidating for the past two days. On the 4h, price has formed an imperfect cup and handle with the consolidation being the handle. The MACD line has crossed above the signal line indicating a bullish momentum. The only downside i see here is the lack of adequate volume on the breakout candle. It still remains interesting to keep an eye on since a break above the consolidation (base or handle) could propel price to higher highs resuming the uptrend. Breakout traders would put their stop loss (SL) below the consolidation and target the market structure highs. As always, “anything can happen” so let the market unfold and react accordingly. #DYOR