Hi everyone!!Sorry that I wasn't able to post for the last few weeks. But I am back. Lets dive in to the chart.
So we have broke the trend line and have been staying above it for a while now. After we broke the channel we are now testing the trend line as a support. Which is also aligning with 200 EMA. Which makes it a strong support. However we still have downward pressure from the 50 EMA and we are stuck in between these two. People have been complaining that we have been moving side ways, however i believe we are about to see another big move.
So whats my thought process? I believe we could enter a small position at these level and wait to see a movement upwards. The confirmation of the movement will be breaking 50 EMA and closing above it. Then we could increase our position. However we are at critical levels, so keep your stop losses placed, since if we break below 200 EMA and the trend line we might see a big drop. Always place your stop losses before entering a trade. A sudden drop WILL hurt. The way that BTC made a 40% jump it also can make a 40% drop. So stay safe!!
As always just a thought not a advice!!
Previous Analysis:
So we have broke the trend line and have been staying above it for a while now. After we broke the channel we are now testing the trend line as a support. Which is also aligning with 200 EMA. Which makes it a strong support. However we still have downward pressure from the 50 EMA and we are stuck in between these two. People have been complaining that we have been moving side ways, however i believe we are about to see another big move.
So whats my thought process? I believe we could enter a small position at these level and wait to see a movement upwards. The confirmation of the movement will be breaking 50 EMA and closing above it. Then we could increase our position. However we are at critical levels, so keep your stop losses placed, since if we break below 200 EMA and the trend line we might see a big drop. Always place your stop losses before entering a trade. A sudden drop WILL hurt. The way that BTC made a 40% jump it also can make a 40% drop. So stay safe!!
As always just a thought not a advice!!
Previous Analysis:
