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Exponential Moving Average (EMA)

ADA|USD Key Weekly Support| Double Bottom| Lower HighsHello Traders! Today’s update will be on ADAUSD, testing a critical level as it comes close to its apex, a move is imminent. Points to consider, - Bearish Trend - Major weekly support being tested - Local resistance to break - Stochastics in lower regions - RSI respecting trend line - Volume declining - EMA’s giving price resistance ADAUSD has been in an establish bear trend with consecutive lower highs; it is testing a critical weekly support area that must hold as the lower high structure converges. If weekly support holds true, ADAUSD will confirm a double bottom, which is a major reversal pattern. Local resistance will be the first target to break as this will put in a new higher high in the trend, confirming a trend change. The stochastics is currently in lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. RSI is respecting its trend line, must hold for a bullish bias, a break will likely also mean a break in weekly support, which will be very bearish. Volume is declining rapidly, signalling that a move is imminent as price comes closer to its apex. EMA’s itself is currently giving price resistance, a bullish cross will help negate the bearish trend. Overall, in my opinion, this weekly support is probable to hold, ADAUSD is likely to break bullish from its apex, and an entry would only be valid if ADAUSD breaks local resistance with a bullish retest. What are your thoughts? Please leave a like and comment, And remember, “If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota
BINANCE:ADAUSDLong
by AzizKhanZamani
2
STRATBTC Keys Resistance Broken| New Higher High!Hello Traders! Welcome to another chart update, Today’s chart will be on Stratis which has broken a key structural resistance level, now potentially support upon a retest. Will Stratis continue with this bullish bias? Points to consider, - Daily trend change - Key structural resistance broken - Stochastics trading in upper region - RSI in upper region - EMA’s cross bullish - Increase in volume - VPVR decreasing in transactions STRATBTC has confirmed a daily trend change by breaking a key resistance level and putting a new higher high. A retest of the key structural resistance will confirm an S/R flip; this is likely as we do have a small bearish divergence coming to fruition. The stochastics is currently in the upper region, can stay here for an extended period of time, however lots of stored momentum to the downside. RSI is travelling in overbought regions; a retest of its support is highly probable. EMA’s have crossed bullish, a strong indicator for a trend change, must hold true for Stratis if it starts to test upper regions. Volume has clearly increased, this is very healthy and must sustain for follow though in price. The VPVR itself is decreasing in transactions, this signals that resistance is low for when Stratis when testing upper levels in terms of volume of transactions. Overall, in my opinion, STRATBTC is likely to retest the now structural support to confirm a bullish re-test before making moves higher. What are your thoughts? Please leave a like and comment, And remember, “Once you find the system that works for your style/personality and confidence is gained, wash, rinse, repeat over and over again.” – Sunrisetrader
SLong
by AzizKhanZamani
MATICBTC KISS| Lower Highs| Key Resistance To BreakHello Traders! Today we will keep our TA KISS = Keep it Simple Stupid, as we have a look at MATIC after a huge dump. It has manage to keep its higher low projection in place as it comes closer to structural resistance Points to consider, - Strong higher lows - Major structural resistance to break - Stochastics in upper region - RSI bounced from oversold - Increase in bull volume - EMA crossing bullish MATIC has established a strong trend line by putting in consecutive higher lows; it needs to hold this structure to keep a bullish bias. Major structural resistance is yet to break, an important level to break as this will put in a new higher high. Stochastics is currently in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the downside. The RSI has bounced strong from oversold conditions, currently in neutral area; a retest of support is probable. Bull volume has increased slightly, needs to maintain as MATIC tests structural resistance otherwise a false breakout may come to fruition. The EMA’s are crossing bullish, it needs to hold price support as price tests and breaks structural resistance. Overall, in my opinion, MATIC must break structural resistance with convincing bull volume. A break of this established trend will be extremely bearish, lower lows will be more probable in that case as the market structure will have then changed. What are your thoughts? Please leave a like and comment And remember, “The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore
MLong
by AzizKhanZamani
BTCUSD Strong Pump but Trend still Bearish Hello Traders! Today’s chart update will be on BTC after its pump, which has put in yet another lower high in the trend. Will this S/R flip hold BTC and break key resistance line? Points to consider, - Bear trend still intact - S/R flip coming to fruition - Key resistance line to break - Stochastics in upper regions - RSI in upper region - EMA’s turning bullish - Volume follow through required Bitcoins consecutive lower highs have established a key trend line that needs to break for a bullish bias. This current S/R flip needs to hold BTC, and consolidate, as this will increase the probability of a trend change. Staunched resistance line needs to break as this will negate the lower high structure – a new higher lower will come to fruition. The stochastics is currently in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the down side. RSI is also in the upper region, a return back to support level is probable to cool it off. EMA’s are crossing bullish; it needs to hold price support for a bullish bias. Volume itself is currently below average at current give time. BTC needs strong bull volume with follow through to break resistance and change overall structure. Overall, in my opinion, BTC needs to break the staunched downwards sloping resistance line to negate the lower high structure. This needs volume follow thought to help avoid the chances of a false break. BTC is resting above support zone at current given time; this is a good sign for the bulls as it is confirming the S/R flip. What are your thoughts? Please leave a like and comment, And remember “Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager **Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
BYBIT:BTCUSD.P
by AzizKhanZamani
LTCBTC Bearish Until Break of 200 EMA Hello traders! Today’s chart update will be on LTCBTC which is in a daily down trend with clear resistance levels to break for a probable trend change, a key level to watch will be the 200 EMA. Points to consider, - Clear bears in control - Structural support being tested - Local resistance is the 200 EMA - Stochastics in lower regions - RSI respecting trend line - Volume below average The overall trend is controlled by the bears as LTC has been putting in consecutive lower highs on the macro time frame. Price is testing a key structural support which must hold, a break will test lower lows. Local resistance is found at the 200 EMA, a break will more probable lead LTC to testing structural resistance. The stochastics is in lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. RSI itself is respecting its trend line, must hold true when price breaks key 200 EMA. Volume is well below average and declining, an influx will confirm direction of trend as LTC rests on support. Overall, in my opinion, LTC is more probable to test upper resistance levels once the 200 EMA is broken. This needs to be backed with volume follow through to avoid a potential false break. What are your thoughts? Please leave a like and comment And remember, “The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street.” – Jesse Livermore **Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
by AzizKhanZamani
BTCUSD - Bearish Pennant – Bear Break? Key Levels Hello traders! Today’s chart update will be on BTCUSD where it has formed a bearish pennant which is a continuation pattern. Will Bitcoin break bearish? Points to consider, - Clear bears in control - Price testing support zone - Local resistance provided by EMA’s - Stochastics projected downwards - RSI testing support - Volume declining Bitcoin is heading to its apex where a break is imminent; price is currently testing a key support zone that needs to hold. This support zone is in confluence with the support line of the bearish pennant. Local resistance is being provided by the EMA's giving the bears an edge as price tests support. Resistance looks strong as we are in an established bear trend. The stochastics is trading in the upper region, can stay here for an extended period of time, however lots of stored momentum to the downside. The RSI is currently testing its support level; a break will send it closer to oversold conditions. Volume is clearly declining as price comes closer to its apex; we need an influx of volume which will confirm a break. Overall, in my opinion, a break will come to fruition shortly with an influx of volume. We are in a bearish trend with a bear pennant which serves as a continuation pattern. Bitcoin is more likely to test lower levels. What are your thoughts? Please leave a like and comment, And Remember, “Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb **Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
BYBIT:BTCUSD.PShort
by AzizKhanZamani
ACB Brutal Downtrend | Key Support Level Hello Traders! Today’s chart update will be on ACB – Aurora Cannabis INC, which has been in full control by the bears, currently it is testing a key support level that must hold… Points to consider, - Strong downtrend - Major structural support being tested - Local resistance at $3.50 region - Stochastics projected up - RSI close to testing resistance - EMA’s giving price resistance - Visible increase in volume The trend has been bearish with consecutive lower higher in place, there are no clear signs of this changing as of yet. ACB is currently testing a major support level that must hold as this is the last hope for the bulls from a technical aspect. Local resistance is found at $3.50 mark, this is the first level that bulls need to break when trend change is confirmed. Stochastics is projected up with lots of stored momentum; however it can stay in lower regions for an extended period of time. The EMA’s have been giving ACB resistance in this downtrend, a cross bullish will help break resistance levels. There has been a visible increase in bull volume; ACB needs to sustain this with follow through to help change the overall trend. In my opinion, ACB is still in a strong bear trend; price needs to mature at current support level to determine if a trend change is even probable. ACB needs to sustain bull volume to put in a new higher low market structure… What are your thoughts? Please leave a like and comment, And remember, “The market is a device for transferring money from the impatient to the patient.”- Warren Buffet ***Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
A
by AzizKhanZamani
2
BTCUSD Structural Resistance | No Man’s Land Hello Traders, Today’s update will be on BTC where it needs to break a key resistance level to confirm a trend change on the shorter time frame… Points to consider, - Major structural resistance at the $7800 level - Local resistance at .236 Fibonacci - Structural support at .618 Fibonacci level - Local support from trend line - Stochastics projecting downwards momentum - RSI respecting trend line - EMA’s supporting price - Volume below average BTC is trading in a crucial area with heavy resistance lurking from above, the structural resistance, which is found at the $7800 region. BTC has had two bearish retests, which confirms the strength of the sellers. Local resistance is found at the .236 Fibonacci level, bulls need to break this level in the immediate future to keep the higher low outlook in place. Structural support is at the .618 Fibonacci level, BTC held this area with strong buy volume coming in. Local support is found on the trend line, which needs to hold as we come closer into the major resistance level. The stochastics in projecting downwards momentum as BTC approaches a possible retest of the trend line; it is probable that we may see a bounce on the stochastics. RSI is currently respecting its trend line, a break will be imminent as it comes closer to its apex. EMA’s are supporting price, needs to hold in confluence with the support line to push BTC up and above the staunched resistance. Volume overall is way below average, we will see an influx in volume when the apex is reached; this tells us that a break in either direction is imminent. Overall, in my opinion, we are currently in a NO TRADE ZONE, we need to break the staunched structural resistance level with convincing bull volume before we can go long. What are your thoughts? Please leave a like and comment And Remember “One day does not make a trend.” – Anonymous ***Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
BITFINEX:BTCUSD
by AzizKhanZamani
APHA Bullish Divergence | Double Bottom?Hello traders, Apologies, been under the weather the past few days, but now I’m back! Today’s chart update will be on APHA – APHRIA Inc – Canadian MJ. Which has been in a brutal down trend, but there are signs of a possible reversal… Points to consider, - Trend Bearish - Support at $3.90 Region (double bottom) - Price testing resistance - Stochastics trading in upper region - RSI diverging from price - EMA’s giving price resistance - Volume declining The trend has been putting in consecutive lower highs as it approaching its possible apex zone. The green highlighted zone is the current support level with a possible double bottom, signalling that buyers are strong. Resistance is poised by the trend line, which needs to break to negate the higher low market structure. Stochastics are currently trading in the upper region, can trade in this region for an extended period of time, however lots of stored momentum to the downside. The RSI is currently diverging from price as it puts in higher low whilst the price has put in lower lows, The EMA’s are currently giving price resistance, needs to cross bullish to support price in testing upper resistance levels. Volume is visibly declining; an influx of volume will confirm the direction of the break. Overall, in my opinion, a break is imminent as we have a probable bullish divergence and a double bottom coming to fruition. APHA needs an influx of volume with follow through; this will avoid a possible false break. What are your thoughts? Please leave a like and comment, And remember, “Never let a win go to your head, or a loss to your heart.” – Chuck D.
ALong
by AzizKhanZamani
1
LINK/BTC Triple Top | Parabola Continuation? Hello Traders, Hope all is well!, Today’s chart update will be on LINK with an impressive parabola, will bulls have enough momentum to retest staunched resistance, which has recently put in a triple top? Points to consider, - Trend bullish - Strong resistance - RSI neutral - Stochastics projected up - EMA’s giving resistance - Low volume Link is in a bull trend which has put in consecutive higher lows and is now testing its local support area. Price has put in a triple top, a bearish indication from a staunched level that needs to break for a bullish bias. The RSI is currently neutral; it needs to break its resistance for a confirmation in a parabola continuation. Stochastics are currently projected up, as of now, trading in lower regions where it can stay for an extended period of time; however we do have lots of momentum to the upside. The EMA’s are currently giving price resistance, needs to turn bullish at current support level, otherwise a break will be imminent. Volume is extremely below average at current given time, an influx of volume is required, bullish and or bearish, to confirm immediate direction of trend. Overall, in my opinion, if local support is not held, the parabola will be negated. It would then be more probable to test lower support levels whilst still being in an overall bull trend. What are your thoughts on LINK, will it respect local support? Please leave a like and comment, And remember, “Once you find the system that works for your style/personality and confidence is gained, wash, rinse, repeat over and over again.” – Sunrisetrader
by AzizKhanZamani
Did you sell into FEAR?? BTC re-test 200EMA today!!Bitcoin had TONS of fear and doubt yesterday, I heard a lot of investors sell their stacks due to fear of going MUCH lower... If you get emotional, you will get SMOKED trading Bitcoin. Have confidence, this market is here to stay with exponential infrastructure being built daily and many, many people putting their lives into Bitcoin's future. Don't fear, play smart, cover risks, and trade intelligently. Never trade more than 5% of your stack!
BITSTAMP:BTCUSDLong
by MSMiner
3
BTC.D | When ALT Season?| Key Levels To Watch!Hello Traders! Today’s update will be on the dominance of Bitcoin, where it has recently been rejected from resistance, will the dominance return back to trend line and continue putting in higher lows, or will it break support, allowing us to have a potential ALT season ? Points to consider, - Overall trend putting in higher lows - Major support at .50 Fibonacci - Major resistance at .618 Fibonacci - Stochastics projected upwards - RSI in neutral territory - EMAs providing resistance - Volume above average - VPVR holding dominance as support (largest cluster) Bitcoin Dominance has been in a strong uptrend since early 2018, putting in consecutive higher lows. Major support is found at the.50 Fibonacci level which needs to hold, if broken then lower level, the .382 Fibonacci, is more probable of being tested. Major resistance on the other hand is found at the .618 Fibonacci level, a break of this level will put in yearly ATH for dominance. The stochastics is projected upwards, can stay in these regions for an extended period of time, however does have lots of stored momentum to the downside, if BTC.D was to correct. The RSI however is currently neutral; it is hitting its resistance line, where a retest of support is probable. The EMA’s are giving BTC.D resistance at current given time, this needs to turn bullish when price tests trend line to keep a bullish bias. VPVR as of now is holding price as support, key cluster is being tested, and a break will increase the likely hood of testing the .50 Fibonacci. Volume itself is above average, this signals that there is currently very strong buying and selling pressure in the market. Overall, in my opinion, the BTC.D at current given time is more probable to test its overall trend line; this will put in another higher low. If BTC.D breaks support, then a retest of the .382 Fibonacci is highly probable, this will put emphasis on a potential ALT season. What are your thoughts on BTC.D as of right now? Please leave a like and comment, And remember, “Don't blindly follow someone, follow market and try to hear what it is telling you.” ― Jaymin Shah
CRYPTOCAP:BTC.D
by AzizKhanZamani
BTCUSD Golden Fibonacci Level | Relief Rally Imminent?Hello Traders, Today’s chart update will be on BTC, where is has retraced to a key Fibonacci level, known as the golden pocket. Bitcoin may put in a relief rally due to the sharp decline in price action, which has overextended a number of indicators. Points to consider, - Trend in a bearish structure - Local support at key Fibonacci level - Local resistance in the middle of the channel - Stochastics at lower regions - RSI oversold - EMA’s giving price resistance - Volume low after impulse break The overall trend in Bitcoin has been bearish; price action has put in consecutive lower highs and lower lows. Bitcoin has recently found local support at a key Fibonacci level known as the golden pocket (between .618 and .65). This level is in confluence with trend line coming through, signalling that buyers are strong. Local resistance is found at the middle of the channel, a possible area for Bitcoin to test. The stochastics are currently in lower regions, can stay down here for an extended period of time, however, lots of stored momentum to the upside. The RSI is currently overextended; an oversold bounce is probable from such conditions. The EMA’s is bearish until we see a cross, it is yet to meet price at current given time. Volume is declining after impulses; an influx in volume bearish and or bullish is imminent from current levels. Overall, in my opinion, a relief rally would be imminent due to strong technical confluences from current support level. A rally will allow indicators to cool off; .i.e the RSI, and allow price a retest of the middle channel… What are your thoughts on Bitcoin? Please leave a like and comment, And remember, “The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore
BITFINEX:BTCUSDLong
by AzizKhanZamani
NEOBTC Bull Flag Formation | Strong Trend | key Level Holding Hello Traders! Update on NEOBTC, which has proven me wrong from previous analysis (see chart linked), NEO has successfully broken bullish from its apex and is consolidating above the .618 Fibonacci Level. Points to consider, - Strong Bull Trend - Key resistance broken, S/R Flip - Price consolidating on support - Volume Declining - RSI respecting support - Bull Flag formation NEO has established a very strong uptrend since 26th October 2019, breaking key resistant levels, price is now consolidating on the .618 Fibonacci level, which was a previous staunched resistance. Volume is clearly declining upon consolidation, signalling that a move will be imminent; we have a bull flag formation which puts emphasis on the probability of a continued bullish bias from current level. The RSI has been respecting support, which is healthy in this trend, showing that buyers are in control at current given time. The stochastics is currently projected downwards slightly, but as we can see, it can stay in upper regions for an extended period of time (Blue highlighted area). The VPVR is quite interesting, the volume of transactions increases as it gets closer to the blue trend line, which is a good area to take profits due to technical confluences. Overall, in my opinion, NEO has a high probability of break bullish from this flag as we are in a strong uptrend. Volume is declining, which is what we need to see in a flag formation, we are also holding and respecting a key support, that is the .618 Fibonacci level. What are your thoughts? Please leave a like and comment, And remember, “Stocks are bought not in fear but in hope. They are typically sold out of fear.” – Justin Mamis
Long
by AzizKhanZamani
USDJPY 15M ASIAN SESSION TIM'S MA CROSS STRATEGYThis is a New Trading Day Session on the USDJPY 15m chart. Price is in a consolidation sideways movement. Price has been above the 20ema for awhile. Tim's MA Cross rule 1 is 20 ema is below 100sma for short trade. Rule 2 Sell Signal candle OPENS above 20ema and CLOSES below 20ema. Because of the consolidation sideways move I plan to enter when price breaks the support at the Sell Signal candles low. I entered a Sell Stop at 108.63. Volume was above MA line so 100% full size position was made. I have added the ADRHiLo indicator to help me find my TP level at the ADR Low of 108.21 To view Tim's MA Cross Strategy go to TSG YouTube videos and watch his current video "How to trade my best MA Cross Forex Strategy".
Short
by Tradingstrategyguides
4
TIM'S MA CROSS STRATEGY LONG TRADETim's MA Cross Strategy Indicators 1) 100 Period Simple Moving Average (100 SMA) 2) 20 Period Exponential Moving Average (20 EMA) 3) 14 Period Average True Range (ATR14) 4) Volume with 20 Period Average (Volume MA20) Tim's MA Cross Strategy Rules 1) Longs only when 20EMA is above 100SMA Shorts only when 20EMA is below 100SMA 2) Buy when candle OPENS below 20EMA and CLOSES above 20EMA Sell when candle OPENS above 20EMA and CLOSES below 20EMA 3) No Trade if the price moves more than 1xATR14 from the 20EMA Standard Trade Management Rules 1) If, after entry, the candle closes back on the opposite side of the 20EMA, close for a loss 2) Full Size Position if Vol >= 100% vol avg 1/2-Size Position if Vol >= 75% vol avg 3) Stop-Loss = 1.5 X ATR 1st Target = 1 X ATR 4) 1/2 off at 1st Target for profit - move Stop-Loss to break-even on remainder Find Tim Black's complete MA Cross Strategy on our TSG YouTube site
Long
by Tradingstrategyguides
AUDCAD Might Attempt To Tackle 0.92000 Level!Hello Viewers, this is an instant trade signal! Therefore, please have a look at the main chart for the following vital trade details: • ENTRY POINT • STOP LOSS • TAKE PROFIT • RISK TO REWARD The setup may look simple but I can assure you it is NOT. There are various in depth technical and fundamental analysis incorporated behind the execution. I would very much love to explain these two aspects here but doing that would consume ample amount of time which could affect the appropriate entry point behind this trade! So, to keep it simple the main chart just displays the simplified technical view of this trade. My way of performing technical analysis basically starts by breaking down the monthly Timeframe down until the One Hour charts. The following are the aspects I focus most on when performing technical analysis: • Draw Support & Resistance through key common psychological levels on M & W Charts. This helps me to see where the price might stall or breakout. • Draw Trendlines to determine the dynamic support and resistance levels present on the charts. This helps me to determine where the price might stall and most importantly help determine the path of least resistance behind the active trade. • I also tend to use EMA 50 on all the Timeframes. This EMA 50 is proficiently proven to act as dynamic support and resistance and is vital behind all my analysis. • Lastly, I tend to use classic pivot levels to determine my entry, stop loss and take profit levels. The combination of this and all of the above helps me determine the precise and likely trade targets behind the setup. Another aspect of my way of analysis is reading a lot of news to determine the fundamental aspects affecting any trade. After the technical analysis is performed, I tend to match if the fundamental aspect really supports my technical analysis. Therefore, as you could see, putting all my thoughts here would surely take up a lot of time which could make the price drift away from the entry price thus affecting the Risk to reward ratio. I understand it is vital for many of you to know the details behind this trade setup, and so if you are interested you could send me message and I will try to share most of what I can! The Above words are just template I use in all my trades. Shall there be any updates I will provide them here. Thank you
Long
by FX618Analysis
EURJPY Likely to Decline towards 119.00 After Support Break!Hello Viewers, this is an instant trade signal! Therefore, please have a look at the main chart for the following vital trade details: • ENTRY POINT • STOP LOSS • TAKE PROFIT • RISK TO REWARD The setup may look simple but I can assure you it is NOT. There are various in depth technical and fundamental analysis incorporated behind the execution. I would very much love to explain these two aspects here but doing that would consume ample amount of time which could affect the appropriate entry point behind this trade! So, to keep it simple the main chart just displays the simplified technical view of this trade. My way of performing technical analysis basically starts by breaking down the monthly Timeframe down until the One Hour charts. The following are the aspects I focus most on when performing technical analysis: • Draw Support & Resistance through key common psychological levels on M & W Charts. This helps me to see where the price might stall or breakout. • Draw Trendlines to determine the dynamic support and resistance levels present on the charts. This helps me to determine where the price might stall and most importantly help determine the path of least resistance behind the active trade. • I also tend to use EMA 50 on all the Timeframes. This EMA 50 is proficiently proven to act as dynamic support and resistance and is vital behind all my analysis. • Lastly, I tend to use classic pivot levels to determine my entry, stop loss and take profit levels. The combination of this and all of the above helps me determine the precise and likely trade targets behind the setup. Another aspect of my way of analysis is reading a lot of news to determine the fundamental aspects affecting any trade. After the technical analysis is performed, I tend to match if the fundamental aspect really supports my technical analysis. Therefore, as you could see, putting all my thoughts here would surely take up a lot of time which could make the price drift away from the entry price thus affecting the Risk to reward ratio. I understand it is vital for many of you to know the details behind this trade setup, and so if you are interested you could send me message and I will try to share most of what I can! The Above words are just template I use in all my trades. Shall there be any updates I will provide them here. Thank you
Short
by FX618Analysis
1
50/200 EMA Death CrossThe chart shows that there is a bearish flag showing here. A death dross of the EMA50 (red) and the EMA200(white). The purple lines outline the overall trend since the last large price action in the past 1.5 weeks, and the yellow is a confirmation trend from a previous, higher high about 3 weeks ago. The white bar at $9126 is the previous support that has been tested before and passed, but now has been broken(green ellipse), and reversed now into a resistance barrier(yellow and red ellipses). The bar at $7912 is where I believe the price to be headed due to previous testing of this support level. This will be confirmed with more candles closing along or below the bottom purple line. If the price consolidates above the bottom purple line that will likely become the new area of support, not at $7912. Only time will tell.
BITFINEX:BTCUSD
by Bitcoinboy