I have been following this chart since since early september 2020. Works well correlated with big caps especially BTC and ETH. At least personally I stick with these two. Notes about chart: If there is an increase that means money flows into cash If there is decrease that means money flows into BTC/ETH and maybe some other big caps. I prefer to trade BTC or ETH...
Price is at diagonal resistance. Broke up or rejection will be clear in 2 weeks. If you go back enough it actually works for many years. Targets are at chart as per decision.
Enter on weekly close. close > 280 gets you 350 close > 350 gets you 700 works like a charm for more than 1 year.
If 4hr candle closes below support I think next stop will be 200EMA (red) If holds, another test of resistance is incoming.
Following this triangle after 14K. Worked well until now. Moreover, for 2 weeks following this potential IHS. I am sidelined for about a month now. Will enter around 6850$ or break above 10500 and retest.
I still keep it simple. For the time being 50 week EMA is resistance and 200 week EMA is support and perfect entry point for me. I will buy and forget around 200 week EMA.
As I expected after couldnt hold 20 week EMA it could not continue higher. Now I expect it to test famous 6K support and if cant hold 200week EMA will. Nothing is certain. So we should see some reaction before hitting BUY button ;) I began this analysis around 13K. Glad that I hold my hard earned money. However, I keep buying very small amounts of ETH and LTC....
Price flirts with 20 week EMA for about a month. I hope price keeps consolidating over 20week EMA which I see as a must for upward movements. However, 50 week EMA hold pretty good. I keep watching the price. Movement will most likely be huge. However, If it goes down, just another buying opportunity before halving. OBV is at the end of the road as well. So...
Broke up the resistance. I partially sell since 5,75. Never stay out of the game.
Break up and close above resistance or more sideways? Watching close...
As per its history 50 week EMA (blue line) is a solid support.
If price closes above 20 week EMA = Super Bullish If not = I expect to test 6500-7000 area which is a strong demand zone. There will be few tests to break 20 week EMA. Hopefully it breaks...
Above 20 week EMA and confirmed support=Bull Season Below 20 week EMA and confirmed resistance=Bear Season. Keep it simple. Alternate way to trade, 7 week EMA crosses up 20 week EMA=BUY 7 week EMA crosses down 20 week EMA=SELL
Will history repeats itself? 20 week EMA has been a very solid support and resistance for all bull and bear season. I follow it as a confirmation