Normally I lead these things with where I think the support lines are going to be, but let's take a quick detour first: To RSI. We've had an ascending floor on the RSI chart for about 3.5 months now. Is it perfect? No, definitely plenty of times it failed. HOWEVER it's what you should be watching before you look at the rest of the lines. If we bounce off of 45 then we'll go up and the rest is moot of the short term. If we break below 45 -- say something like 40 -- then we might be in for a larger correction.
Now with that out of the way let's talk about short term supports. By short term I mean the next 24s...since none of them have been extensively tested yet.
$87.40 (weak)
$86.45 (weak)
$85.90 (weak)
$84.20 (weak)
$81.50 (medium)
The EMA/SMA/WMA has double crossed which is bearish. Day traders should wait for a break on the RSI to confirm then consider selling.
Personally I sold most of what I wanted in the low 90s and now am looking to pick back up some more coins if the price is right.
Now with that out of the way let's talk about short term supports. By short term I mean the next 24s...since none of them have been extensively tested yet.
$87.40 (weak)
$86.45 (weak)
$85.90 (weak)
$84.20 (weak)
$81.50 (medium)
The EMA/SMA/WMA has double crossed which is bearish. Day traders should wait for a break on the RSI to confirm then consider selling.
Personally I sold most of what I wanted in the low 90s and now am looking to pick back up some more coins if the price is right.
Comment:
RSI Bounced off 45. We're going back up captain!