Check this out! After breaking through our $2420 support, I became a bit nervous. We only had one more stop before the floor fell completely out and that was at the $2330 area. Fortunately, there was plenty of support to hold us today. We had the bottom of our channel, the 50 day MA, and the bottom of the Bollinger Band all holding us up at the same area. We held today, bounced, and it now looks like we will even close this candle far above $2420. As the market hits the far east tonight, we should get even more support. With this long awaited consolidation, the crypto market has had it's chance to catch a breath. We can now continue our move onwards and upwards.
It was about time for a rebound and 2300$ was the right spot to start it.
However i'd say caution is needed till 2630$ is broken, eventually.
SMA(20) sitting at 2624$.
There is margin for one more leg down, both on daily and weekly.
Not saying it will happen, just a word of warning.
Don't get caught off-guard.
f-73
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I don't post charts myself, but i think this guy has a point:
stewdamus
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@ft-73, Yes, I agree. On my charts the level is $2760. We failed to break it several times. If we don't break it this time around, we may be in trouble as it would send us through the bottom support of my channel. I'll type a quick post regarding this. Thanks for the comments and chart!
However i'd say caution is needed till 2630$ is broken, eventually.
SMA(20) sitting at 2624$.
There is margin for one more leg down, both on daily and weekly.
Not saying it will happen, just a word of warning.
Don't get caught off-guard.