We finally started bouncing back of the 50 SMA on the daily
Updated
We finally started bouncing back of the 50 SMA on the daily. This also matches with the parabolic channel (in red), the fibonacci levels and is also approaching the end of the previous bear period ( about 58 days). At this point the price could still fall through the 50 SMA but I am more bullish and think to enter a long as soon as we see clear upward momentum.
I am going with a small portion first, then if the trend is confirmed will keep on adding (dollar cost average).
I am going with a small portion first, then if the trend is confirmed will keep on adding (dollar cost average).
Note
I see four key levels on the 4 hours chart that we need to pass in order to confirm the uptrend: the 50 SMA (drawn in pink on the 4 hours chart), the 200 SMA (dark pink on the 4 hours chart) and the 300 SMA (also on the 4 hours chart in till colour. Wish I could upload the 4 hours chart as well... maybe will publish another "idea"
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