ADXBTC is currently trying to break out of a consolidation phase which began in AUG last year. This is the second try for a breakout, however, the difference this time (apart from some good upward momentum showing on both the STOCH RSI and RSI EMA Indicators), is that in the 1D chart, the 22EMA has already crossed both the 55 and 100EMA already and heading toward the 200EMA. This should most likely lead to a spike in the price action. This trade relies on the fact that, on the 4HR chart, ADXBTC will take a drop down to the 100EMA and hit my BUY order sitting at 3426SATS. This is also an area of previous support. It should then bounce from there, back onto the 22EMA as it crosses the 200EMA giving momentum to push up towards the sell Targets.
This is not trading or financial advice. Always do your own technical analysis before entering any trade and use your own judgement. Trading is risky and can result in financial loss.
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Still awaiting the BUY order to fill. The trade is moving in the right direction for now, so i am hoping it will still drop further to 3426SATS
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Not quite there, however, the trade is still moving in the right direction and my BUY order at 3426 should be filled.
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This is now the second re-test of the 22EMA. I am not seeing a lot of volume to push the price over here, as well as STOCH RSI showing only around 8 (not very much momentum). I can still see a rejection here at this stage, which will hopefully fill my BUY order. Although, that would be easily invalidated should some volume come in and ADX/BTC can open and close a 4HR candle above the 22EMA.
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My buy order was hit as the BTC drop caused ADX/BTC to drop along with it. So i bought ADX/BTC at 3426. Although we are trading a little below there, my 3410 trendline is now acting as support for the trade.
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Bradleyrb
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@safesignal, Hi Guys, so i took a longer look at ADX/BTC. In my opinion, the trade above is a relatively safe bet (so to speak). The 1D 22EMA has crossed the 200EMA and the STOCK RSI has crossed and is moving up at around 40. Not massive momentum yet, but it is heading in that direction. The trade has started to break into a bullish direction with this last breakout. There is also a candle opening and closing above the 200EMA, and above the 4023 trendline. There is some large resistance on the way up at about 5111, 6591, 8054 and 10180. If 8054 breaks and becomes new support, you will definitely hit your target, more likely closer to 10000SATS.
Weekly RSI sitting at about 58, which is still bullish momentum.
This probably hasn't told you anything new and its just my opinion. Ill try post my TA again.