MekongMonkey

MekongMonkey

BTCUSD crossed bon vieux Arnaud Legoux Moving Average (9, 0.85, 6) upwards and closed above it on the monthly timeframe. The months ahead are looking good, especially if you're into green candles and tremendous upside.

MekongMonkey

BTCUSD closed under the 200 EMA on the 3-day chart. Historically, this had led to a prolonged downtrend every single time: Will this time be different? Probably not. Risk/reward is easily manageable in this area: I would consider this idea invalidated once BTCUSD wicks above the previous 3-day candle. For that to happen, we have to cross through both the...

MekongMonkey Updated 

BTCUSD broke through the 200 SMA (white line) on the 4-hour chart and has, so far, failed to reclaim it. And things get worse for bitcoin bulls; there's also a death cross (crossing of the 55 EMA and the 200 EMA, blue and red line respectively), and we are well under the 21 EMA (yellow line). More downside looks imminent. If BTCUSD fails to get back above 8700...

MekongMonkey Updated 

BTCUSD closed the 12H right on the 21 EMA (yellow line) and now got rejected by it. That puts us back under most major moving averages. The failure to come close, let alone break significant resistance around 9500, makes great bullish action in the immediate future unlikely. So, it might not be the worst place to join Team Bear. Entered at 8800, looking to take...

MekongMonkey Updated 

BTCUSD printed an impressive 4H candle, smashing through a ton of major moving averages (10 SMA - orange, 200 EMA - red, 21 EMA - yellow, 100 EMA - green, 50 EMA - blue). A quick long position seems like a reasonable play here. I entered at 9050, with a stop/loss under the 21 EMA at around 8950. Target is the massive resistance area around 9500. I put in a...

MekongMonkey Updated 

Today we saw the same pattern on the weekly chart as what we saw a few days ago on the 3-day chart: a close above the 21 EMA (yellow line), followed by the next candle opening and closing above the 21 EMA. This is, historically, a good reason to be bullish. Furthermore strengthing the bullish case is the stoch %K getting above 20 again. The last time this happened...

MekongMonkey Updated 

BTCUSD, on the 3D chart, had a phenomenal green candle crossing the 21 EMA (yellow line), followed by an open and close above the 21 EMA. This is a textbook bullish case. Due to the high volatility of the market, I would start a small position around 9100 and put my stop under the 10 SMA (orange line) at around 8300. Targets are Fibonacci levels, taken from the...