BTC/EUR GMMA ANALYSIS
Gmma signalled a positive shift in trend around 540-542 with MACD crossover and rsi>50 confirming Up trend.
Long term MAs are pointing higher and beginning to spread with equal distance confirming up trend strength; also short term MAs are pointing higher confirming short term is Up.
Price has reached a first resistance at 616-617, if breakout occurs price could reach R2 first at 634-636 and then 2016 all time high at 690.
Stop loss should be placed if price breaks trendline with some space for intraday proce action noise around 580.
Risk/reward ratio is 1,9.
Long term MAs are pointing higher and beginning to spread with equal distance confirming up trend strength; also short term MAs are pointing higher confirming short term is Up.
Price has reached a first resistance at 616-617, if breakout occurs price could reach R2 first at 634-636 and then 2016 all time high at 690.
Stop loss should be placed if price breaks trendline with some space for intraday proce action noise around 580.
Risk/reward ratio is 1,9.
Note
Price has reached resistance at 634-636 and went over. 2016 highs are now a possible target. One concern could be RSI>80 but if you look at the last surge in price between end of may and june price went from 430 to 690 with RSI stuck over 80 for nearly a month.
Trend is developing nice and slow, with long terms MA spreading and pointing higher.
Trade active
Target reached; trailing the stop as a count back line on the minimum of the 14-11 candle at 646 eurosNote
1/3 or 1/2 of the position can be sold if someone want to secure part of the gain
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.