![]() The MACD is about to cross over in 2 days. The RSI reached over bought right as the 9th day of upward momentum reached its top at $8400 one week ago, and is now trending down. On the daily chart the CMF is still strong. Technical analysis is dynamic and changes as time goes on, thus reevaluating predictions on a daily bases is key in keeping up with what can be expected. Because the previous bottom of $5700 came so close to this level of support, should we break below the prior low, we could very well fall through the $5000 support. Falling below $6800 (and $6400 as a more conservative target), would spell trouble and indicate potential for a lower low down to the next level of support at $5000. ![]() As was expected, the turnaround happened as the 30 and 50 week moving averages crossed that was considered major resistance. The weekly chart has had 2 good green candles after reaching a 9th week of downward momentum and has started to show potential for a flip to the downside again if we close below the prior week’s open of $7400. ~Based on the sequential trading system (TD Sequential). Follow him for regular updates in topics relating to price, law, and fundamentals of bitcoin and the block chain. This summary is based on the technical analysis Tone does at the end of his video linked below. The bottom fibonacci also happens to be around the 200 MA, which I expect is a fairly important point of inflection.īest of luck trading, this combination of TA has done well for me in the past, particularly with Bitcoin and Index trading.All credit to Tone and his crew that has played a significant role in my understanding of what bitcoin and the block chain is. However breaking above the lower fibonacci at 2640 at that time could be a bullish signal. A 1-4 candle bounce is expected (1-4 days) and then lower if we maintain the bearish trend. On a red 9, typically a selling trend is ready for a bounce, but without violating the weekly chart (which is now a red 1). Now, we've had 9 consecutive days of red and have been accurately bouncing off the fibonacci resistance lines (magic rainbows) on the way down. It's useful in seeing where buying or selling momentum dries up and profit taking on longs or shorts should occur.Ībove (if the TD indicator didn't stop counting), we reached a daily bullish 9 at the top of the initial correction - indicating to take profit. The Tom Demark indicator is a somewhat well known indicator on wallstreet that creates 1-9's based on candlestick patterns. If you need serious investment advice, contact a financial adviser! You are responsible for your own investment decisions. Calendar: Economic Calendar, Earnings Calendarĭisclaimer: This subreddit does not endorse any recommendation or opinion made by any member, nor do any users or moderators advocate the purchase or sale of any security or investment.Breaking Into Wall Street Resource Centre.Plotting Deviations and VA using ThinkScript.Technical Analysis of the Financial Markets.Trading Methodologies: How to make money and not lose it.You do not need to be an approved user to comment in threads, asking for approved user status before participating in discussion threads will result in a temp ban Only post if you have been active in any of the discussion threads. No politics, nsfw material or low quality posts.įlairs are to help individualize yourself. Limit cryptocurrency discussion to trading BTC & ETH Posting your discord or youtube links is an insta-ban offense. Have a Question? Post it on Weekly Question Thread. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |