This is one of the charts I shared on our show last week that matched up really well with Murad's TA and charts.
The bullish and bearish zones in the RSI, along with the ADX measuring internal trend momentum, match up well at the inflection points where Murad saw changes.
I like the validation!
The price is pressuring the 377-EMA as it tries to bust out of the realm between the 233-EMA support and the 377-EMA resistance.
I highlighted in blue the area I would like to see the price trade in the coming months.
Still a buyer on shallow Fib levels... or if it breaks lower, the 61.8% and red trend line level is another buy.
Happy Trading... $6000 here we...
We have pumped above what was the watched support and resistance at the 200-week EMA and the 200-week SMA.
The new realm to watch is on the daily chart between the 233-EMA and the 377-EMA with a leaning for a break above the 377-EMA and a move to $6000 where the 377-EMA then becomes support and 6500 becomes the next critical resistance target.
Staying long the...
I like the upside movement we are seeing on the daily chart, but unless we get above the $4190 level I see a stall back to the trend line that makes up the bottom of the triangle.
The ADX is still increasing on a day over day basis, so maybe another flux of buyers comes in and launches this thing.
I still think the trend line on the bottom of the triangle holds...
Fibonacci patterns of support are holding this market as a bullish pattern. The internal momentum is weak and not being applied to any direction, so I am watching the near-term support and resistance i laid out on the chart as points of interest moving forward.
Price is dipping lower as expected. We talked about the dip happening on our youtube show, and so far buying interest interest is coming in on dips.
I laid out areas of support on the chart around the Fib level and the area on the RSI. Low trend momentum should keep us inside the trading zone of 3800ish to 4100ish.