Is the FALL in CRYPTO TOTAL MARKET CAP OVER??
The money came flowing back into the Crypto Market today like a dam burst...so is the bottom in and we're only headed up from here? "To The Moon!"
I hear it all the time...and yes, today was a significant move up, but we're far from out of the woods yet....
On a personal note, today is one of the reasons I have been using the Average Down method with my positions.
I set levels where I will add to my positions WHEN and ONLY WHEN price falls to that level.
I mentioned in one of my prior posts that I had added around the last low...what IF that was the low?
Most are saying this is a BULL FAKE...and it may well be. But I'm not holding back everything to wait for a new low that may never come.
This is NOT trading advice...only what I am doing.
Back to the chart....
First, I took out the small triangle at the bottom, readjusted the bottom red line (I said Orange on the notes on the chart), copied it and placed it on the last pivot high and wah-lah...a new potential up channel.
This will be a good one to watch...with channels, there is high probability that price will go up to the top channel line and back down to the bottom channel line several times before it breaks out of the channel.
Price has moved above the 50ma again, will be watching to see if it holds.
On a strong move like this, one expects price to retest as RSI on the lower time frames correct from overbought territory.
Note that RSI on the daily chart hasn't even surpassed 50 yet...so plenty of room to run.
Notes are on the chart...still cannot say if the last major pivot low is the end of the bear move down from November 2020, but today's move provides another signal that it may have been.
The market is at a point where price is going to need to take a stand, one way of the other for the near term.
Stay tuned!
I hear it all the time...and yes, today was a significant move up, but we're far from out of the woods yet....
On a personal note, today is one of the reasons I have been using the Average Down method with my positions.
I set levels where I will add to my positions WHEN and ONLY WHEN price falls to that level.
I mentioned in one of my prior posts that I had added around the last low...what IF that was the low?
Most are saying this is a BULL FAKE...and it may well be. But I'm not holding back everything to wait for a new low that may never come.
This is NOT trading advice...only what I am doing.
Back to the chart....
First, I took out the small triangle at the bottom, readjusted the bottom red line (I said Orange on the notes on the chart), copied it and placed it on the last pivot high and wah-lah...a new potential up channel.
This will be a good one to watch...with channels, there is high probability that price will go up to the top channel line and back down to the bottom channel line several times before it breaks out of the channel.
Price has moved above the 50ma again, will be watching to see if it holds.
On a strong move like this, one expects price to retest as RSI on the lower time frames correct from overbought territory.
Note that RSI on the daily chart hasn't even surpassed 50 yet...so plenty of room to run.
Notes are on the chart...still cannot say if the last major pivot low is the end of the bear move down from November 2020, but today's move provides another signal that it may have been.
The market is at a point where price is going to need to take a stand, one way of the other for the near term.
Stay tuned!
Comment:
Price is now at the 2nd Orange Line above...on the 4 hour chart, will be the 2nd candle that closes above the 200ma. This is a STRONG move up. RSI now over 50.
Comment:
There is about 45 minutes left before this candle is done and it looks like it will close green too...I'll do another chart update after the new candle starts.
