Many traders keep expecting to keep falling, but it doesn’t want to give up. continues to hold the 200 weekly , which has historically been the in a bear market.
For the second time in a row, has formed a pattern on the and had a successful break out. This was a great opportunity for a low risk entry. and were decreasing and was approaching strong support: a as well as the 200 week . Even though broke out of the with increased , the move was met with resistance from the 50 day . The 50 day has been resistance for months now and I would like to see get above it, but it doesn’t need to become strong support (as we saw in this last bull run where it was frequently broken). This will be a level to keep an eye on.
I just posted an analysis on Litecoin and why I’m there and I think that continued bullishness with Litecoin can help gain some momentum. Litecoin gained momentum before after the last bear market and it may do it again and is worth keeping an eye on.
Ultimately though I am watching the 200 week on , that is the line in the sand for me. If can stay above it and continue to treat it as support, then that will be a sign to me and i’ll be happy as a buyer above that line because I know my risk. And if it closes a daily candle below that would be a very bad sign in the short to medium term and I would have to re-evaluate my position at that time.
I post these charts as I see them in real time on Twitter, so follow me for more frequent ideas / updates! My twitter link is on my trading view profile page.
*This is not financial advice. For entertainment and educational purposes only.
-Brad
Published at Sat, 09 Feb 2019 05:10:26 +0000