Are the bulls in control or the bears ?
Looking at my chart you can see it has already broken out of the downward trend we have been in since 2017, The bulls weren't strong enough on the 7th of May to keep the price up we immediately come down and tested the 200 day moving average before coming back up again, Having another crack at the 10k resistance before dropping down and then testing the overall downtrend which acted as support. We have had 4 touches this month at the 10k resistance and you know what happens when support and resistance areas are tested more than 3 times ? It gets weaker and eventually break through.
So we will have to wait and see what the next move is on the higher TFs.
Personally i am bullish. The 3emas have are starting to fan out 20 and 50 have crossed above the 200 (golden cross) and if you look at each time the fast moving averages have been above the slow moving average it has been on a run, And now we are again approaching the 61.8 price will need to break through it to make a Higher high otherwise its going to be a violent sell off like a red waterfall .
Thanks for reading guys
Hope you enjoyed my analysis.
Looking at my chart you can see it has already broken out of the downward trend we have been in since 2017, The bulls weren't strong enough on the 7th of May to keep the price up we immediately come down and tested the 200 day moving average before coming back up again, Having another crack at the 10k resistance before dropping down and then testing the overall downtrend which acted as support. We have had 4 touches this month at the 10k resistance and you know what happens when support and resistance areas are tested more than 3 times ? It gets weaker and eventually break through.
So we will have to wait and see what the next move is on the higher TFs.
Personally i am bullish. The 3emas have are starting to fan out 20 and 50 have crossed above the 200 (golden cross) and if you look at each time the fast moving averages have been above the slow moving average it has been on a run, And now we are again approaching the 61.8 price will need to break through it to make a Higher high otherwise its going to be a violent sell off like a red waterfall .
Thanks for reading guys
Hope you enjoyed my analysis.