2015... Break trend line, 8-EMA crosses up through the 55-EMA, price breaks 55-EMA and makes it support, price hits 61.8% level and drops to key support and then launches
Current... Break trend line, 8-EMA crosses up through the 55-EMA, price breaks 55-EMA and makes it support, price hits 61.8% level and drops to key support and then launches
This is shaping up like a pullback to the breakout point of the 61.8% level.
The price is testing resistance, and we will need confirmation of a move above these points to call of the $9100 call to the downside.
With the ADX looking promising for another trend line break to the upside, the target for the near-term trend line break matches up with the target I had way back when at the long-term trend line break.
If momentum keeps on this week a nice break here would bring the 16K target back into view (which for me has never left) with another validated pattern...
The way the chart is setting up with the ADX printing a scene of consolidation and the RSI still inside a bullish zone nearing support, the bulls just might win this out.
There are 3 key levels of support where buyers should be found. The 55-EMA, the bullish trend line, and the 61.8% level (just underneath)
I can see buyers gathering here as the RSI tests...
After 3 months post trend line break the market pauses before heading higher.
the red trend line is my guide toward ATH
The vertical lines are the marked halvings for bitcoin. We are in accumulation before the run higher!
I know we have a couple more days left to go in the quarter, but my eyes will be on this indication!!!
A close outside the upper band, something that has not happened since the circle marked on the chart, would be a huge signal that we could be just getting started on a run to ATH's!
Just another tool in the shed! Bollinger Bands!
The price dropped from the 9K highs to find support at the 61.8% Fibonacci retracement level around $7500.
The directional index lines did cross but on falling momentum. This is a picture of a bearish correction in an overall bullish market, so the support on the price chart should hold and so far it has bounced.
The RSI also dropped, but still remains well...
I am looking for a "filtered" break above the 61.8% level before I go long here. If no break I will seek out much lower support.
Filtered is 3 consecutive daily closes above the 61.8% Fib level or a daily close above .59! That will get me excited about $XRP. Otherwise zzzzz.
Thoughts? Happy trading!