Big Daddy BTC has been channeling between the slow (Orange) and medium (Yellow) EMA's for 4 days and has finally broken over, pushing up to 7450 for a cool little 5% move.
With momentum slowing I'm expecting to see a retest of the fast (Blue) and long EMA's as support and if they can hold the price above it's possible that we could see our target of 7850 where I will be closing out my longs and looking for a potential short entry.
If the EMA's aren't strong enough here it'll all come down to the medium EMA to keep price from falling towards a potential 5800 area.
With momentum slowing I'm expecting to see a retest of the fast (Blue) and long EMA's as support and if they can hold the price above it's possible that we could see our target of 7850 where I will be closing out my longs and looking for a potential short entry.
If the EMA's aren't strong enough here it'll all come down to the medium EMA to keep price from falling towards a potential 5800 area.
Comment:
This looks to be unfolding quite well. Seeing a few wicks down to the fast EMA but it's holding strong. Moving stop loss up to below the EMA levels which is sitting in an even better profit area now. Still got sights set on 7850 level.
Trade closed: stop reached:
Stop loss hit and trade closed out. Nice little chunk of profit and watching for the next move.
Keep an eye out for the next idea as price moves toward the slow ema
Keep an eye out for the next idea as price moves toward the slow ema