Plotted the daily 200/50 "golden cross" MA on the weekly chart (roughly divide daily input by 7 and rounded).
We can observe that the short-term PA immediately following a cross is is always in the opposite direction of the bias.
In other words; a bearish cross leads to a bounce and a bullish cross leads to a correction, before the strong price movement in the...
-virus closing businesses
-boomers retiring & cashing out of their 401ks
-fresh millennial generation over leveraged on stocks using cash app / robinhood, etc, yet to experience their first market recession
-it's not looking so hot atm
-will get worse if trump is not re-elected
-TA checks out (Triple bear div monthly)
Dead-cat + few days of consolidation for vix...
BNB hit a full 0.786 retracement of the move, similar to many alt coins recently.
Currently it meets my criteria for a long scalp to at least 19.5 level.
Confluences: Trendline support. Fib retracement level 0.786. Potential bullish RSI divergence.
Loading up on some Tezos here for a potential bounce targetting 2.9 and will see the reaction there. A rejection at 2.9 and break below 2.5 again means we will probably re-test 1.8.
Confluences: Trendline support, potential bullish RSI div, 0.618 fib level retracement target reached.