One of my favorite indicators is the EVWMA (elastic volume weighted moving average). I like to use it with a 20D period length because it provides a great perspective into how pronounced local price movements are (i.e.: if dumps/pumps are on high or low volume). As shown above, it indicates a slope change on Feb 07 when the slope goes from negative to flat, and then again on Feb 18, when it shifts to positive (with conviction). In my opinion, the bears have lost control of price, and sentiment. Their momentum has been lost.
Many consider Feb 18th to be the day the bear market was confirmed to be over, this indicator confirms that. We are now on an upward trend which I believe will accelerate as volume increases.
Many consider Feb 18th to be the day the bear market was confirmed to be over, this indicator confirms that. We are now on an upward trend which I believe will accelerate as volume increases.
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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.