Staying neutral for now as we seem to have found a resistance at the 1 day charts t line(in yellow). We never hit the huge bounce support zone of 7,000 before this rebound so there's still a slight chance we could head back down to test it....however the 2 most optimistic signs I see right now is first, we are reaching the apex of a triangle that I think will most liekly break tot he upside, and secondly the 1 day 50MA(in orange) is heading upwards towards the 1day 200MA(in blue) and I don't expect the 200MA to suddenly start heading upwards since its gonna be factoring in the drops we had in January, February, and April pretty soon...in fact I think the only reason the 200 MA has stayed up this high to begin with is because it was still factoring in the uptrend from last year that led to the all time high...once the 200MA on the 1 day chart no longer stretches back to November or early December it will likely drop like a rock...but you can already tell with the 50ma(in orange) curving back towards the upside that we will be seeing a Golden Cross sometime next month. Once we get a golden cross on the 1 day Time Frame is when I believe we will officially enter back into the bull market. Everything in cryptoland is currently at a discount in my eyes and I'm hoping to enter back in at a wise time when we were below 7,100 was the most ideal time to reenter..however since we never tested that huge buy wall that's hanging out at 7k there's a chance we may drop back down one more time...I believe it's wise to ladder a small portion in right now, and then ladder in more if we dip to that again but I'm fairly confident we will be heading upward most of the month of June. . . and still stand by my mantra "To the Moon in June!" Stay strong make wise decisions, maintain nerves of steel, and keep your eyes on that 1 day chart golden cross scenario.
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The price action is being really persistant in it's attempts to flip the 1 day tline(in yellow) from resistance to support. At the same time the RSI is trying to flip the 40 line from resistance to support as well. If they both can overcome those resistance lines and flip them to support..I will be flipping from neutral back to long ont hese ideas.
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On he 4hr chart the 50MA was too much to overcome and the RSI can't reak through the 60lines resistance...we have also reached the top of the stochrsi for the 4hr chart and have turned back downwards...due to these factors I think it's likely we will be heading back downward to finally test the big support wall at 7k most likely right when the triangle patterns bottom trendline reaches that price around May 31st. Stop loss hunting whales tend to like to push things a pip below the support walls to to trigger stops so there's a chance we could dip into the 6.9k area as well before the big bounce upward...because we are still in our series of lower highs/lower lows on the 4hr chart, odds are good we will test 7k...here's a screenshot from the 4 hr chart of what I roughly anticipate happening but I'm likely just gonna hodl and buy the dip to be safe in case it doesn't return there: s3.amazonaws.com/tradingview/snapshots/j/JJuI4Yp8.png
Could we sell at 7500 and buy back in at 7100- would that be safe to do now or better to hodl?
DrDovetail
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@Derekf425, At this point, it may be wiser to hold and just ladder in buys at any further dips. The rsi, and stoch rsi are breaking above the oversold resistance lines so there's good odds we will continue to rise. If a dip does happen just be ready to add a little more to your position...not even a terrible idea to ladder in a small amount right now even if we do go back down to test 7k again. This is only my approach not emant to be financial advice. I see a golden cross on the 1 day chart in our near future.