Fib MA says daily market is ready for a short-term bullish swingUsing the bollinger band (15,3) and the WMA (15) that is part of my Fib MA script, on the daily chart you can see quite well the crossing point of those often represents a trend reversal in a small swing-level move; more of a slightly lagging indicator however, but in some cases along with using volume/momentum it can call it early enough to catch more than just a couple percent ROI.
Anyhow, for a better idea of the bigger trend, zoom out the chart a bit and observe what happens when the white bollinger band basis MA (15 candle) and the pale yellow WMA (15 candle) both pass above the teal SMA (24 candle or ~23.6% fib level of 200 candle SMA). You can see that it always means a big trend reversal is incoming or is already happening. These are the big swings to look out for which are intensified, naturally, when they coincide with the even bigger trend; the market trend.
The market has just started to make that exact move but there is a pretty significant resistance zone from around $4250 to $4675 on this chart. Breaking that area we could see a test of the $5250 to $5450 zone on this chart. Though with enough volume and market emotion, we could also go very quickly through these resistances; but if the market is more unsure, apathetic, and / or is experiencing more analysis paralysis on average, then we could see more consolidation type movement around those resistances.
Overall, in the short-term, I'm quite bullish, though I do expect us to come back under $4k sometime in 2019 for some time before beginning the next true bull market.
As I only have a free trading view account, all the trend lines I use for trading on every time frame are present on this chart. Here is a more unobstructed view of those indicators:
and the bigger trend where you can see previous swings in relation to my aforementioned strategy..
