The idea is simple, above 200DMA you expect a rally and below it a correction, previous instances are circled in blue. Even if you are chopped up by sideways movement, eventually you will catch the big trend move
Also considering the sideways consolidation, I consider price staying above median line will take it to channel top, so now we are seeing resistance at the median line, staying below will take the price to channel bottom (below that is the abyss)
RSI also rejected at the 50 line
Bearish bias will flip if we have a daily candle close above the 200DMA
Also considering the sideways consolidation, I consider price staying above median line will take it to channel top, so now we are seeing resistance at the median line, staying below will take the price to channel bottom (below that is the abyss)
RSI also rejected at the 50 line
Bearish bias will flip if we have a daily candle close above the 200DMA
Note
While the price on Kraken and Coinbase broke above 200DMA and took support to continue up, Bitfinex price is 5% lower and below 200DMATrade closed: target reached
Dropped to channel bottom and also lost it. We likely retest lows
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Follow me for more updates
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twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
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.