BitcoinUpdated Resetting areas of resistance and support
Interesting times.
No matter what anyone tells you, all markets are intertwined. If the anxiety about the equity markets comes to fruition - crypto will follow (as it did in March 2020). Will my hedge fund SDOW or Silver continue up? Or will the market fake-out to the upside. We'll see!
On May 19 we tested a level of support we confirmed on Jan 27. From May 19 then following the last two re-tests until today, we have so far an upward trendline we can draw to today assuming this is another Monday low re-test. This upward trendline intersects with the downward trendline we've been following since May 19. (Yes, I admit that - ha - never give up hope though. Don't punish me with I told you so's.)
This gives me hope that soon we will again push through our levels going up and re-test the 40k mark. I will again look to ever-tightening stop-losses as we move up. Otherwise, complete hopium.
Trust your own charts and trade safely. Take care.
No matter what anyone tells you, all markets are intertwined. If the anxiety about the equity markets comes to fruition - crypto will follow (as it did in March 2020). Will my hedge fund SDOW or Silver continue up? Or will the market fake-out to the upside. We'll see!
On May 19 we tested a level of support we confirmed on Jan 27. From May 19 then following the last two re-tests until today, we have so far an upward trendline we can draw to today assuming this is another Monday low re-test. This upward trendline intersects with the downward trendline we've been following since May 19. (Yes, I admit that - ha - never give up hope though. Don't punish me with I told you so's.)
This gives me hope that soon we will again push through our levels going up and re-test the 40k mark. I will again look to ever-tightening stop-losses as we move up. Otherwise, complete hopium.
Trust your own charts and trade safely. Take care.
Note
While I'm looking at resetting my charts and points of view... It is interesting that the 20-period EMA (5 hr) very consistently provides useful approaches to trading.1) On upward trends, price touches and momentarily falls below the 20-period EMA until an increase of separation is made before rolling over. The crossing activity is fairly quick after the change in direction.
and
2) When the price pushes down through the 20-period EMA it doesn't re-touch it until a change in direction has already occurred. There is a delay in crossing over after the change in direction.
More study is needed, but I am internalizing this so I can be better in taking advantage of this obvious pattern.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.