Not financial advise. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
A slightly different perspective and not really looking at market formations but focusing on moving averages. There are a couple moving averages I want to focus on:
1. 200 Week Moving Average (Red) – ~$3175
2. 25 Day Moving Average (Green) – ~$3542
3. 50 Day Moving Average (Orange) – ~$3674
We are currently stuck between these 25 and 50 day moving averages but what I want to focus on is historical price action. We’ve been rejected at the 50 day moving average many times. I’m not sure I’d include Dec 24 as a front run rejection of the 50 but definitely Jan 8 and Feb 8.
If you take a loser look at the October- November timeframe, you’ll notice we were suppressed below the 25 day moving average for quite a while and we were controlled by the 25 / 50 / 75 day moving average. We’re close to being back there depending on what happens here at the 25/50. If we are able to break $3675 cleanly, I will be looking at the next target at $3850 but you have to be watching that resistance channel as well (in yellow).
All in all we are being controlled by the 200 weekly moving average and the 50 day moving average. These moving averages are converging on each other and I’m keeping my eye on the 75 / 100 day moving averages which is also creeping closer as days go by.
It will be interesting to see in the upcoming 2-3 days what happens. I am surprised we’ve stayed in this zone as long as we have.
Trade safely friends
<3 -CE-
Published at Tue, 12 Feb 2019 19:03:19 +0000
