Some observations of BTC this morning. I firmly believe that volume indicators are the best test of the state of the market and what direction things are going. Volume this morning is not great although the RSI is showing a strong move but those indicators moving opposite of each other does not signal a shift in sentiment or the likelihood of a strong move soon....
The things I like about this coin
- Sell volume is slowing
- Descending wedge indicating potential reversal
- Bouncing below 50 RSI unable to break above this resistance
- 9 day moving average not in support
- MacD not crossing over anytime soon
- Larger downtrend line must be broken before confirmation of a continued up trend
There are a few things to like here and they are the standard indicators that we all look to; trend lines, support, resistance, recent price action as well as a few other things many of is like to take note of.
The words on the chart suffice to describe my analysis and I will add a few other thoughts here;
this coin is very limited in number approx. 18 mil., the...
Is 39421 a zip code? Maybe it is but not in this context.
It is the next tough resistance for XRP to break through for confirmation of further movement up. This coin has had a good 30% run in the last couple of days and now it is rest period and a FOMO assessment.
Lets see what happens at the close this afternoon, a good large green candle(engulfing) would go...
So, how many charts does one have to go through to get a positive signal these days? Fortunately ADA is at the top of the alphabet and one can start off the chart search on a positive vibe.
There are a number of factors to like here, such as the support holding after a number of tests, the 9d ma in support and the breach of the downtrend line with a solid green...
Three things I like about BTC this morning
- 9d in support
- Ascending bottom line continues to be supportive
- Descending line from Apr.23 broken
Oh, and a fourth thing; RSI is above 50 and moving up.
Now for this to be very positive then the 2 red resistance lines would have to be breached. Onward and upward.
The ups and downs of ADA. For a conservative play on any coin check out and back test the below 30 entry and subsequent move up. This indicator in a bear market needs plenty of patience but in a strong reversal trend or a bull market the move into and then out of 30RSI is a lot quicker. I've back tested this idea as I'm sure many have and find that for the...
Here is a coin that is looking good with one little caveat and that is the RSI is showing resistance at 50 however that may shift with he volume increase. I will watch this over the next couple of hours and then likely make a call. It will have to work harder to get my money but it it trending that way.
There are some things to like here; TEMA has crossed over, volume is building, S/R is strong based in history. Watching for RSI to stop and bounce up, clearing resistance at 0835 and then the tough one at 0871. I like this coin and how it has been good for people over the years, one of cryptos orignals.
As security is one of the hallmarks of Crypto I am watching a number security coins and one of them is Enjin
Last week it looked the Enjin wouldn't start but this week it is looking like it only needs some fuel to run away.
Watch for volume to increase along with the 9d ma moving into position. Watch the RSI number it may move quickly once it leaves the 30 level behaind.
Here is a quick look at tomorrows close. I may be learning about indicators and how to read them but to add some opinion and future prognostication from the tea leaves os still a ways off for me. On the simple level it appears we may be about to have two monthly green closes in row which hasn't happened since the big run up in 2017 where we achieved a 5 month...