The trend is still down, but keep an eye on the 4-hour SMA(20). If it breaks above that level (currently around $36.5k) it may start looking more constructive.
Comment:
It's really getting tight in there though. As the SMA(50) converges from above and the SMA(20) converges from below, the price will be pinched and be forced to choose a direction.
It should happen in the next few days.
It should happen in the next few days.
Comment:
We finally have our answer. A close above the 4-hour SMA(50) is a bullish sign and the mean reversion back to the SMA(200) could be a powerful move.
If price moves back below the 4-hour SMA(50) and SMA(20), it would be time to start getting defensive again.
We finally have our answer. A close above the 4-hour SMA(50) is a bullish sign and the mean reversion back to the SMA(200) could be a powerful move.
If price moves back below the 4-hour SMA(50) and SMA(20), it would be time to start getting defensive again.
Comment:
Price has drifted below the 4-hour SMA(20) intra-day, but there are still signs of hope. The 4-hour chart is starting to put in higher-highs and higher-lows, so the trend still looks up.
Price has drifted below the 4-hour SMA(20) intra-day, but there are still signs of hope. The 4-hour chart is starting to put in higher-highs and higher-lows, so the trend still looks up.
What was once resistance becomes support.
Now that the 4-hour SMA(20) has been broken to the upside, this may be the beginning of a recovery. What we see here is a re-test of the SMA(20) as support. If this level holds, this should provide a floor for the drawdown and, as time goes on, give investors confidence to re-enter the market.