A strong close below the 50 day moving average will also be a close below recent trendline and a bearish signal. We could then see a move down to the 100 day moving average, which would coincide with the psychological level of 10k.
However, a close today above the opening price of 14481 would show a rejection of the 50 day moving average, a rejection of the trendline, and also a rejection of the monthly pivot. This would be a strong bullish signal from tomorrow onwards.
Today is key. We are at the crossroads.
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Now today becomes key :-) Looking bearish, but we wait for a close below the 50 SMA / trendline / monthly pivot for confirmation of short bias.
Thank you for this. I am interested how you think this afternoon has gone.
NomadaholicTrader
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@King6, its starting to look more bullish this afternoon. Any close near the open of 14481 gives us a nice pin bar reversal. And if we can close above the 20 SMA currently around 14800 then its starting to look quite bullish for tomorrow.
Its all a guessing game though until we have today's closing price to complete the picture.
bradleyjadir
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@NomadaholicTrader, noob question, today i guesss you mean for american day? what time does that close? guess its not looking good right now
NomadaholicTrader
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@bradleyjadir, Hi Bradley, I live in London, but am currently in Brazil so I have to constantly figure this out! The charts I look at are 24hrs for crypto, and the bars close and open at midnight UK time (which is 7pm in New York I believe).
It's looking good enough to me... technical analysis can be as much of an art as a science at times. We've formed a nice reversal pin bar. A close above the open (14481) would be preferable, but a close above the 50 SMA is still quite bullish for tomorrow.
bradleyjadir
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@NomadaholicTrader, Thank you sir. Price was fluctuating between 14300 and 14600 so wasnt quite sure. thanks for your advice. Enjoy brazil!
NomadaholicTrader
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@bradleyjadir, nothing is guaranteed of course... but if we were at the crossroads this morning, it looks like we're taking the bullish fork in the road (mind the crypto pun).
toddo9
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Thanks for sharing the chart - Very interesting. We aren't seeing any support volume though which is slightly worrying!
NomadaholicTrader
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@toddo9, there was some buying volume building on the hourly around the time US markets opened. Will have to see how the rest of the day plays out though. Thanks for the comment. Let's keep an eye on it.