Is it SDT for Bitcoin?
Could Bitcoin pull above the 21 EMA and perhaps spring to a new ATH? Considering the 21 EMA has been very supportive in the past there is no reason to believe it couldn’t happen. Especially this close to the halving, Right? Of course from where we are right now in the area of 6800 we would have to see a rise of just over 190% to reach a new ATH. That's not a bad return!
Staying with the trend however we can see we would only need to drop off about 43% to see a new phase low or; about 54% to see a new low in this Elliott Wave correction cycle that began in December 2017. At a 60% drop we should see support from the 100 EMA and hopefully it will be off to the races once we get that support.
What is the ADX trying to say? It would appear that the breadth line (W) continues changing from holding steady to just a small pick-up meaning more people are becoming interested. Unfortunately the divergence (B) indicates the support of that interest in the sense of investment strength is waning. Les cash coming to the table. Also waning is the bullish sentiment (G) while the bearish strength (R) is certainly picking up strength, perhaps to take us to our soon to be told destiny.
Remember. This is not trading advice. Follow with me if you like, engage the like button and please add your comments below.
Staying with the trend however we can see we would only need to drop off about 43% to see a new phase low or; about 54% to see a new low in this Elliott Wave correction cycle that began in December 2017. At a 60% drop we should see support from the 100 EMA and hopefully it will be off to the races once we get that support.
What is the ADX trying to say? It would appear that the breadth line (W) continues changing from holding steady to just a small pick-up meaning more people are becoming interested. Unfortunately the divergence (B) indicates the support of that interest in the sense of investment strength is waning. Les cash coming to the table. Also waning is the bullish sentiment (G) while the bearish strength (R) is certainly picking up strength, perhaps to take us to our soon to be told destiny.
Remember. This is not trading advice. Follow with me if you like, engage the like button and please add your comments below.
Related publications
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.