The Golden Cross!!
Ever since the 19TH of June, we have been under the 200 EMA with the 50 EMA, until this moment were the 50 and 200 EMAs are kissing each other and are ready for a break to the bulls, which will result in a massive move in the weeks to come as this cross is something that gives huge confluence when bull markets are started.
I can still see some consolidation within the range the market is currently in, considering the fact that September is known to be a bearish month and we have been exposed to this fact first hand. However the argument can be fully backed that we are currently in a bullish flag formation when the candle sticks are exposed, or in similar terms, a spring or accumulation phase. Leading into October I am expecting a huge pump in the price as the narrative shifts mega bullish from a retail point of view.
The MACD is also looking extremely healthy and bullish as we are reversing out of a red zone which lines up perfectly with the golden cross we are currently experiencing. The RSI along side adds bullish confluence with its neutral position (50), which gives the price a long way to fluctuate before it reaches the overbought stage.
Give me your opinion on the current market as I am open to various perspectives and ideas. Thank you.
I can still see some consolidation within the range the market is currently in, considering the fact that September is known to be a bearish month and we have been exposed to this fact first hand. However the argument can be fully backed that we are currently in a bullish flag formation when the candle sticks are exposed, or in similar terms, a spring or accumulation phase. Leading into October I am expecting a huge pump in the price as the narrative shifts mega bullish from a retail point of view.
The MACD is also looking extremely healthy and bullish as we are reversing out of a red zone which lines up perfectly with the golden cross we are currently experiencing. The RSI along side adds bullish confluence with its neutral position (50), which gives the price a long way to fluctuate before it reaches the overbought stage.
Give me your opinion on the current market as I am open to various perspectives and ideas. Thank you.
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.