egilagre

Old chart but still valid-that is great!

COINBASE:BTCEUR   Bitcoin / Euro
Hello Wonderful being!
It truly has been a very long time since my last post, but ii has not been that much reason to post lately.
Simple truth is from the title, that my old chart is still valid and been battle-tested.

The pointers I have on the chart are still what I am watching but let me summarize:
  • Heiken Ashi is used to remove noise from chart
  • The colored blocks, segments, are tested and are valid. Look for these as support and resistant if we retrace down.
  • The Black triangle has been breached to the upside, very good indicator.
  • The Head & shoulder line has been breached to the upside, but are in threat area to be broken to downside. This line must hold to maintain bullish momentum.
  • The very old trend line as been tested once again and still valid. If this is broken this week, look for downside correction and watch the colored blocks for resistant and supports.

Things I am concerned about this week, and late September:
  • Stock market is becoming weak, and seeing downside. Has correction started or is still just a breather?
  • If stock market correct further, we can see more red in crypto as people and companies will start to book profit in crypto to cover losses in stock market.
  • The capricious element now is that BTC and crypto is more accepted, which could indicate that money moving out of stock market might come into crypto AFTER it has corrected first. There has been numerous financial conferences where crypto has been a major discussion, even in the latest gold conference. This is great, as more institutional money might come into crypto market as more hedge and more investment.

As always,
stay safe, trade well, do not take risk you cannot endure.