Lots of good looking signals here:
MA convergence
Ascending triangle (with a few recent swing fails below it, most recently a loss and reclaim of the 100MA IF today's candle closes above it)
Some very good looking gaps above immediate resistance
Stoch reset and potential bull cross (RSI is not shown but at decision point, hovering at 50)
Volume spike yesterday (need to see more though)
Two ways to play it:
1. Enter in the 130s and look for a push above the MA convergence (more aggressive)
2. Enter on a confirmed retest of the main resistance and/or 200 MA (more conservative)
I'm building a position which will be invalid on a close below and bearish retest/rejection of 120. It might take a while to show its hand.
Targets:
160
199
252
387
I'll be re-assessing at each target and watching BTC to escape the trade if needs be.
A closer look at the MA convergence on the daily:
MA convergence
Ascending triangle (with a few recent swing fails below it, most recently a loss and reclaim of the 100MA IF today's candle closes above it)
Some very good looking gaps above immediate resistance
Stoch reset and potential bull cross (RSI is not shown but at decision point, hovering at 50)
Volume spike yesterday (need to see more though)
Two ways to play it:
1. Enter in the 130s and look for a push above the MA convergence (more aggressive)
2. Enter on a confirmed retest of the main resistance and/or 200 MA (more conservative)
I'm building a position which will be invalid on a close below and bearish retest/rejection of 120. It might take a while to show its hand.
Targets:
160
199
252
387
I'll be re-assessing at each target and watching BTC to escape the trade if needs be.
A closer look at the MA convergence on the daily:
Comment:
Stopped out on the BTC move yesterday, but haven't been loving this one for a while in any case.
It's now lost ascending support and the 100 and 200 MAs.
Maybe come back another day.
It's now lost ascending support and the 100 and 200 MAs.
Maybe come back another day.
We have the bull cross on the stoch, now it needs to follow through with a push upwards.
Beginning to wonder if it'll play out but invalidation is clear through one or all of these:
Confirmed loss of diagonal support
No reclaim of the 100MA in the coming few days, which may happen when the 100 and 200 MAs cross in a few days, anticipated direction in dotted on the chart below.