The idea is simple, above 200DMA you expect a rally and below it a correction, previous instances are circled in blue. Even if you are chopped up by sideways movement, eventually you will catch the big trend move
Also considering the sideways consolidation, I consider price staying above median line will take it to channel top, so now we are seeing resistance at the median line, staying below will take the price to channel bottom (below that is the abyss)
RSI also rejected at the 50 line
Bearish bias will flip if we have a daily candle close above the 200DMA
Comment
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While the price on Kraken and Coinbase broke above 200DMA and took support to continue up, Bitfinex price is 5% lower and below 200DMA
Trade closed: target reached
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Dropped to channel bottom and also lost it. We likely retest lows
I was looking at the coinbase chart and it's showing something completely different. Now i'm confused, here take a look
tradingview.com/chart/4EKwf3mt/
imkeshav
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@dicky_retardo, Yes, weird things happening, Bitfinex still shows $6.5