Possible Bullish Fractal from 2012-2013 bull run.
Possible Bullish Fractal from 2012-2013 bull run.
Things to note:
21 Week MA : (Orange)
Omega Line : ( In Neon Blue, it has been a historical line of support and resistance)
Green Elliptical : Within is the distance between the two yellow circled candles which has a range of 35 weeks from two touch points on the 21 Week MA.
- The Omega line has been serving as a strong support for current price action.
⁃ The bull run after Halving 1 shows it started below the Omega trend line. Price action touched the 21 week MA on Oct 22 2012, from that point there was a large rise in price action without touching the 21 MA for 35 weeks later on June 24, 2013. The current bull run after halving 3 also started below the omega trend line, and had a 35 week gap from the touch of the 21 Week MA candles as well.
⁃ What is also interesting is after the 21 week ma candle touches the 35th weekly candle for both bull runs, the following weekly candle resulted in a capitulation.
⁃ The RSI’s also entered sub 50’s forming a Hidden bullish divergence with price action.
⁃ Stochastic RSI are both in primed zones below 10.
What I am looking for now is if we can close a range at least above the omega trend line , if it is above the 21 EMA / MA I would be very bullish. If we can’t close above those points I would expect a bearish scenario to continue.
Things to note:
21 Week MA : (Orange)
Omega Line : ( In Neon Blue, it has been a historical line of support and resistance)
Green Elliptical : Within is the distance between the two yellow circled candles which has a range of 35 weeks from two touch points on the 21 Week MA.
- The Omega line has been serving as a strong support for current price action.
⁃ The bull run after Halving 1 shows it started below the Omega trend line. Price action touched the 21 week MA on Oct 22 2012, from that point there was a large rise in price action without touching the 21 MA for 35 weeks later on June 24, 2013. The current bull run after halving 3 also started below the omega trend line, and had a 35 week gap from the touch of the 21 Week MA candles as well.
⁃ What is also interesting is after the 21 week ma candle touches the 35th weekly candle for both bull runs, the following weekly candle resulted in a capitulation.
⁃ The RSI’s also entered sub 50’s forming a Hidden bullish divergence with price action.
⁃ Stochastic RSI are both in primed zones below 10.
What I am looking for now is if we can close a range at least above the omega trend line , if it is above the 21 EMA / MA I would be very bullish. If we can’t close above those points I would expect a bearish scenario to continue.
Comment:
What I am looking for now is if we can close the *monthly candle at a range at least above the omega trend line , if it is above the 21 EMA / MA I would be very bullish. If we can’t close above those points I would expect a bearish scenario to continue.