The ema ribbon strategy proves to be superpowerful in a macro perspective. Giving us insight into when an asset is oversold, or testing historical ribbon support/resistance.
I feel in this case after several successful bounces off lower end ribbon support, the bears had a successful breakdown under the ribbon - in red - after several failed attempts - but it seems they do not have the spot bitcoin available to sell en masse to actually push further. Those with diamond hands continuing to be uninterested in parting ways. We see the massive outflows from exchanges regularly now, and aside from these simple technicals the fundamentals are ridiculous these days with institutions continuously investing in the emerging asset. Thanks - xueq
I feel in this case after several successful bounces off lower end ribbon support, the bears had a successful breakdown under the ribbon - in red - after several failed attempts - but it seems they do not have the spot bitcoin available to sell en masse to actually push further. Those with diamond hands continuing to be uninterested in parting ways. We see the massive outflows from exchanges regularly now, and aside from these simple technicals the fundamentals are ridiculous these days with institutions continuously investing in the emerging asset. Thanks - xueq
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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.