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OK, so the last chart I said we were in a short term downward move that would be short lived and then we would continue higher. I didn't expect it to be SO short a timespan, but we seem to be reversing the down. (Check my previous charts for accuracy)
As always, you'll see the 50 MA is still trending up. The Stochastic has angled up with green candles coming in. These are the good signs, nothing bad here....BUT....
The MACD histogram is still below zero, although not by much and there seems to be a little bit of a tug of war going on with the green and red lines.
Conclusion: We are moving higher at the moment, but have hit that 5700 resistance again. We have to keep moving higher and break through right around 6250 (which would be a new All Time High) before we would see even higher prices. Momentum is not exactly with us just yet, but that could turn in a day or so as things progress. We'd have to see more green candles moving up to get the wind in our sails again, and see that histogram above zero. Funny thing about the histogram is it doesn't take much of a bump above zero for it to really catch and run. The same can be said for it being below zero, but now we have the turn up on the stochastic which should keep it in check. Obviously, we want to see both hooking upward and also above zero to make real progress.
I think a lot of people are positioning themselves for the segwit. I can see a huge push up coming after that settles.
Happy Trading. Happy Hallowe'en. :)
OK, so the last chart I said we were in a short term downward move that would be short lived and then we would continue higher. I didn't expect it to be SO short a timespan, but we seem to be reversing the down. (Check my previous charts for accuracy)
As always, you'll see the 50 MA is still trending up. The Stochastic has angled up with green candles coming in. These are the good signs, nothing bad here....BUT....
The MACD histogram is still below zero, although not by much and there seems to be a little bit of a tug of war going on with the green and red lines.
Conclusion: We are moving higher at the moment, but have hit that 5700 resistance again. We have to keep moving higher and break through right around 6250 (which would be a new All Time High) before we would see even higher prices. Momentum is not exactly with us just yet, but that could turn in a day or so as things progress. We'd have to see more green candles moving up to get the wind in our sails again, and see that histogram above zero. Funny thing about the histogram is it doesn't take much of a bump above zero for it to really catch and run. The same can be said for it being below zero, but now we have the turn up on the stochastic which should keep it in check. Obviously, we want to see both hooking upward and also above zero to make real progress.
I think a lot of people are positioning themselves for the segwit. I can see a huge push up coming after that settles.
Happy Trading. Happy Hallowe'en. :)
Comment:
Looks like we are going to make another charge at $6250. Let's see if we break through.