WheRe aLL mY Bull @ ?
On a daily chart we got a clear reversal from the correction with strong volume and but we haven't break above the short MA's yet. For the 1h time frame, we got a few factors that we need to get through in order to continue our momentum back to our previous run if we want to see the potential of going past 20k and testing the 25k mark. We are approaching the previous consolidation range of about 13-14.5k that it was stuck in for about 5 days (a long time in crypto world). We are seeing slowing momentum with the tapering in trading volume on the chart that could be because of the money rhythm of flowing in and out of bitcoin vs. alts (EOS just beat ripple in 24h trading volume today ^_^). We are also in a trying time with regulation news coming out everyday. Either the exchange open the gate up (long verification time and account creation lockup on top of customer exclusion practices, not to mention exchanges delays and technical issues from heavy trading volume at times) or ETF comes out to rotate more money into crypto to push more upward pressure into the market (maybe they are waiting for a timing with news...financial market earning season tends to produce big news so keep an eye on that) . Target an above 14.5k strong break for potential entry and 14-14.2k stop-loss if you get in. Continuing to monitor the price action and never skip stop-loss is key in mitigating risk.
NOT TRADING ADVICE. ALWAYS DO YOUR DUE DILIGENCE BEFORE ENGAGING IN EMOTIONAL TRADE DECISIONS. GL HF :)
NOT TRADING ADVICE. ALWAYS DO YOUR DUE DILIGENCE BEFORE ENGAGING IN EMOTIONAL TRADE DECISIONS. GL HF :)
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.