Hi,
it seems that the call that correction is over was correct - we are not seeing any violent move downwards nor upwards but only consolidation. There can be some more sideways action but a breakout above 9k seems inevitable.
Note that EMAs are showing multiple golden crosses. EMA20 surpassing EMA1200 is rather insignificant; however, EMA50 and 100 penetrating EMA200, which has been confirmed as support many times, indicates that even if there is a downfall, the fall would not be very violent. In other words, despite the fact that entering the market just before a resistance is perhaps not the best idea, there is not much to lose - if you set the stop loss limit quite tightly in accordance with the support lines' failure - while a lot to gain. A break upwards would lead to a minimum 9.2k rise and possibly all the way up to 9.8k (where we do have some resistance - better to take some profits as we head towards there).
In general, the indicators also show that there is quite a room for an upward movement. MACD is showing bearish cross but it is not as significant as other movements that we can have seen. There are a lot of signs for altcoins being further accumulated/consolidated. The market is very unlikely to reverse from here.
Good luck trading and thanks for reading.
it seems that the call that correction is over was correct - we are not seeing any violent move downwards nor upwards but only consolidation. There can be some more sideways action but a breakout above 9k seems inevitable.
Note that EMAs are showing multiple golden crosses. EMA20 surpassing EMA1200 is rather insignificant; however, EMA50 and 100 penetrating EMA200, which has been confirmed as support many times, indicates that even if there is a downfall, the fall would not be very violent. In other words, despite the fact that entering the market just before a resistance is perhaps not the best idea, there is not much to lose - if you set the stop loss limit quite tightly in accordance with the support lines' failure - while a lot to gain. A break upwards would lead to a minimum 9.2k rise and possibly all the way up to 9.8k (where we do have some resistance - better to take some profits as we head towards there).
In general, the indicators also show that there is quite a room for an upward movement. MACD is showing bearish cross but it is not as significant as other movements that we can have seen. There are a lot of signs for altcoins being further accumulated/consolidated. The market is very unlikely to reverse from here.
Good luck trading and thanks for reading.
Trade active:
And we are through.