The bias remains to the upside for the short term with the price trading above the Daily Pivot Range (blue dots), therefore this level is key support. With this bias to the upside our ‘A’ up value line is our first entry point for the day. The 14 Day Pivot Moving Average (red) is turning up, and crossing the 30 Day Pivot Moving Average (yellow) and this is...
This same setup is occurring in most other cryptocurrencies, BTC', LTC' etc. This trade takes guts and why I call it the Fortitude setup. Go long a break above the high of the Hammer Candle.
This chart shows the importance of the Opening Range, Daily Pivot Range and the Daily Pivot Moving Averages, particularly in unison. Setting up nicely for a good move up if the key resistance level 720 can be broken.
According to our rules a 'C' trade to go short is in place. Place stops at opposite of the Opening Range. see rules for further clarification.
According to our rules the market is in the neutral zone where the price is trading within the Opening Range bands and the Pivot Range, both of which are overlapping. When this occurs after an A trade, in this case a failed A down trade, the bias then shifts to neutral.
Intraday bias has shifted to the short side due to price trading below or at the C value line for 15 minutes, half our opening range.