Price continues in a range bound pattern. This could be a sign of accumulation, look at the big volume spike in September, or the bears could just be resting before mauling price again. Given the stability in price over the last 2 months my suspicion is this is the bottom and I have been averaging into a long position since about $300 (I was a little early to the game there).
In the last 48 hours we have seen price finally break out to the upside of its range of about $195-$208. Is this the start of a bull run?
It is far too early to tell. We are still in a larger range from $195-$240 with another resistance zone of $260-$300 just above it. I have drawn, but not labeled, other fib levels in black. What are the oscillators telling us?
Parabolic SAR (dots above or below candles) on the weekly is about to flip which would be a long signal. MACD is about to cross over on the weekly: another long signal. Price is also touching the 10 week Moving Average (not shown) and a break of this trend would be yet another long signal.
Time will tell. Without big news I am doubtful price will leave the $195-$240 range. This could all be collateral gains from XRP and BCH. Or it could be insiders buying before a big announcement (e.g. Casper/sharding/plasma, ETF approval, etc). Or it could just be noise. Watch for a break of $240 to call this anything big.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
In the last 48 hours we have seen price finally break out to the upside of its range of about $195-$208. Is this the start of a bull run?
It is far too early to tell. We are still in a larger range from $195-$240 with another resistance zone of $260-$300 just above it. I have drawn, but not labeled, other fib levels in black. What are the oscillators telling us?
Parabolic SAR (dots above or below candles) on the weekly is about to flip which would be a long signal. MACD is about to cross over on the weekly: another long signal. Price is also touching the 10 week Moving Average (not shown) and a break of this trend would be yet another long signal.
Time will tell. Without big news I am doubtful price will leave the $195-$240 range. This could all be collateral gains from XRP and BCH. Or it could be insiders buying before a big announcement (e.g. Casper/sharding/plasma, ETF approval, etc). Or it could just be noise. Watch for a break of $240 to call this anything big.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***