Long

Macro Trend

Updated

I could've sworn that I posted this months ago but apparently I never did. I had just gone to my profile to see if this fractal pattern was still lining up, and couldn't find it anywhere. Anyway, I put this fractal pattern on my chart awhile back just to entertain myself really but it's been holding up surprisingly well. I don't necessarily believe we're going to bust straight through the long term down trend line just yet, but with the stock markets pumping recently and alt coins soaring, I'm feeling pretty bullish.

This EMA ribbon is a custom one I made out of the 13, 34, and 55 (all Fibonacci numbers in case you were wondering why I chose those). If you look all the way back to 2016, it was a pretty good buy signal before. I'll stay long until we break below the 55 EMA.

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I use the daily and weekly EMA ribbon to form a bias and the 4hr chart for picking entries. The lack of volume on this breakout is concerning, but I'll remain long unless we break decisively below 9,250. The ribbon loses all significance to me when we're floating sideways, but has proven time and time again to be a strong support/resistance when it starts to expand. It's proven to me many times before to be strong support or resistance when it's expanded like this.

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Oops. Didn't mean to say essentially say the same thing twice on those last couple of sentences.

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Omg the typos lmao.

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I've added a bit to my long position as this trend has shown more formation. My stop loss is at 9380 and will net a 17% profit if triggered.

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