Exciting to see we have confirmed the breakout of the wedge....wedge breakouts tend to have very reliable projected target prices and this one goes all the way to $10335. I have updated my chart to show which fib lines, trendlines, and moving averages can act as support or resistance along the way. The only EMA I have on the chart currently is the T-Line...simply because the Simple moving averages have been acting much more like support/resistance lately than the eponential moving averages have....if that changes I will certainly include any pertinent EMAs on my chart. For now we can see that what was strong resistance at the 50MA (aka the buy sell line) has now flipped to support. This is huge because if we can continue to ahve the 50 MA act as support for 4 more 4 hr candle closes that will mean we are back in a buyers market. Considering the reliability of wedge patterns achieving their breakout targets I'd say that is a high probability, but still something to keep an eye on if for some reason it dips back below it. the current resistance is a previous green fib line as you can see. It bounced down off it and then confirmed the 50MA as support after bouncing up off the 50MA a very very good sign. I'd say keep an eye on the 50MA to make sure it maintains support...if so I have a feeling the green fib line will be resistance for a very temporary amount of time and we will be back in the buyers market soon....suggesting that the second quarter of this year will hopefully be a bullish one.
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still 54 minutes until the current 4 hr close let's hope we can close above the 50MA as the price has dropped back down to test it quite a few times and is currently hovering just above it.
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One last thought...it's still very important from a fundamental analysis approach to keep close attention to everything being discussed at the G20. The minute the sentiment there starts to turn bearish against crypto then we could see a drastic change in the tides...but so far the sentiment is bullish.
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after acting as support for at least 10 retests...the price has jsut now fallen back under the buy sell- line...even if it closes under the buy sell line the breakout has been confirmed so it will likely close above it soon even if it doesn't on the current 4 hour candle
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and just that quick we are back above the 50MA but still hovering just above it. 40 minutes until candle close.
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the grey fib 0.00% extension line and the 50 ma are no longer overlapping and for now it appears the grey line is acting as resistance and the 50MA support
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15 minutes left on 4 hour candle and we've seen some more bullish impulse putting the price action now between the grey fib line (potential support) with the previous green retracement 50% fib serving as (likely very temporary)resistance. This is good news as it appears we will indeed close above the buy sell line