Here is some more analysis using EMAs looking at 1 hour candles.
You can see with each pink circle, once the EMA20 (blue line) crosses above the EMA50 (black line) we enter a bullish period. This spike continues until EMAs even out and the EMA50 crosses back over. Looking at the green circle we see EMA50 is currently still above, once that turns we are bullish.
These two EMAs are very standard for cryptocurrency analysis.
This is not financial advice! Please trade at your own risk.
Thank you so much for the information! With the EMA20 recently crossing back over the EMA50 do you think we’re entering the bull market or do you see a period of consolidation/a pullback to support before it booms?
mattforutan
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@joeroypeters Depends on volume! If volume begins strongly pushing up with high buy pressures the market will turn bullish without retracing to support of $480. If volume stays relatively neutral we’ll most likely even out with the moving averages and come closer to $480 before the big bull run. I appreciate the feedback and please feel free to message me at any time with questions!
licensetocole
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its dropping first dont buy in until it catches support at 480. 👌
mattforutan
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@licensetocole, Exactly! It'll drop as the EMA50 remains over the EMA20. Once that correction happens, which should be around the same time we hit support of $480, it'll jump back up :)