Hello guys, boring chart, we've been trading in the same range since Oct. 15.
Price is currently stuck at the 50/100 EMA, they are currently acting as resistance which is a good sign for me. The more we hit a resistance/support the weaker it get. If we indeed break that resistance I expect the 200 EMA to be the next solid resistance and the 50/100 EMA would be acting as support. MORE SIDEWAYS ACTION LOL. But at the same time, what apply to the 50/100 EMA resistance right now apply for the 200 EMA too. We tested it 5 times since Oct 15. But is 5 times in the last week enough to smash the ol' n' mighty 200 EMA, hmm...
The other important thing that I'm seeing is that we are currently consolidating/distributing below a important pivot point (6500~) which could be a good sign of a future breakout above or below.
So I will be waiting for a breakout on either direction, even thought I feel more bullish right now.
Be patient, trade wisely, don't copy me and of course keep learning !
vOid
Price is currently stuck at the 50/100 EMA, they are currently acting as resistance which is a good sign for me. The more we hit a resistance/support the weaker it get. If we indeed break that resistance I expect the 200 EMA to be the next solid resistance and the 50/100 EMA would be acting as support. MORE SIDEWAYS ACTION LOL. But at the same time, what apply to the 50/100 EMA resistance right now apply for the 200 EMA too. We tested it 5 times since Oct 15. But is 5 times in the last week enough to smash the ol' n' mighty 200 EMA, hmm...
The other important thing that I'm seeing is that we are currently consolidating/distributing below a important pivot point (6500~) which could be a good sign of a future breakout above or below.
So I will be waiting for a breakout on either direction, even thought I feel more bullish right now.
Be patient, trade wisely, don't copy me and of course keep learning !
vOid