Hi fellow traders!
We have recently seen rally over the past couple of days after breaking out of a consolidation zone. This has led to a rally of approaching around $5500 USD at its peak.
Looking at now on a weekly time frame, a star has been printed – to be specific, an enormous evening star (highlighted in green).
This is a sign of a reversal and looking at and its rally over the past couple of weeks, I think the time has come, as from my last article for this pair to .
Furthermore, considering this pair in terms of moving averages, the 50MA is acting as a resistance for this pair, which should help to aid this pair to the downside.
The 50MA should act as a heavy resistance barrier for the bulls to break out from the long-term .
Considering this pair will over the next few weeks, I think we will firstly see price re-enter the , test this channel a few times, before rejecting into the highlighted zones in pink.
I think after these pink highlighted zones are tested and broken as floors of support, we could look to see a surge to the upside for some time, but then a retracement to the significant lower end support levels highlighted in yellow, where I think the price of could head over the next couple of months to a year before we see the next proper bull run.
If you haven’t already read my last article on the long term forecast of , check my profile to find my last post about the future of .
If you read it to all the way down here, thanks for showing some support to this article! Tell me where you think and Cryptos are heading next! Comment below all your ideas about the future of cryptocurrencies! Buy or Sell and why? Additionally, me your charts for it, that’d be great so I can see where you are coming from. I’m a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I’d appreciate any help people may offer!
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Published at Tue, 16 Apr 2019 13:41:20 +0000