Yesterday I set a no trade zone from $8,800 - $9,500 and today I am happy to see us grinding towards the upper end of that range. I have been keeping a close eye on the moving averages to try and get an idea of where we are heading next.
We have been getting resistance from the 50 day SMA (red) over the past twenty four hours. If we can break above that then $9,500 is very likely to follow.
I expect a cross on the 12 (blue) and 26 day (orange) SMA’s within the next 24 hours. That is a strong buy signal for day traders and I am hoping it will give us the momentum needed to break through the areas of resistance mentioned above. Until then I will be focusing on alts.
Happy trading and go bulls!
We have been getting resistance from the 50 day SMA (red) over the past twenty four hours. If we can break above that then $9,500 is very likely to follow.
I expect a cross on the 12 (blue) and 26 day (orange) SMA’s within the next 24 hours. That is a strong buy signal for day traders and I am hoping it will give us the momentum needed to break through the areas of resistance mentioned above. Until then I will be focusing on alts.
Happy trading and go bulls!
Comment:
We are currently bouncing off $9,100. That would establish the fourth higher low dating back to 4/25.
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