BTCUSD Longs - Keep Your Powder Dry!
Apologies in advance for the crowded chart (lots of things going on here).
We appear to be ranging between EMA 200 (tenuous support) and 11.2K (strong resistance).
"Mr. Ichimoku" Kijun Sen (KS) says we are still in a downward trend (see red KS line). Similarly, the MACD on the Daily suggests we are still in a bearish (downward) trend.
Notice how the Elliot Impulse Wave (12345) suggests we are possibly in the last leg downward (for now), so all hands on deck and "keep your powder dry".
I'm a newbie to technical analysis, so please take these ideas with a grain of salt. If you see anything that appears to be amiss, feedback is welcome!
As you can see, this trend can be followed if you're short (for now) or soon to be long (like me).
We appear to be ranging between EMA 200 (tenuous support) and 11.2K (strong resistance).
"Mr. Ichimoku" Kijun Sen (KS) says we are still in a downward trend (see red KS line). Similarly, the MACD on the Daily suggests we are still in a bearish (downward) trend.
Notice how the Elliot Impulse Wave (12345) suggests we are possibly in the last leg downward (for now), so all hands on deck and "keep your powder dry".
I'm a newbie to technical analysis, so please take these ideas with a grain of salt. If you see anything that appears to be amiss, feedback is welcome!
As you can see, this trend can be followed if you're short (for now) or soon to be long (like me).
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