Hi friends, I hope y'all having a fantastic week.
Today we'll look into what will technically drive the price on this crypto currency on the daily time frame.
As you know the currency has been crashing this year, driven by multiple things happening in the blockchain industry and US. It has been a rough period for active traders and long-term investors. But now things seem to coming to an end but that hasn't fully confirmed yet. We might hop back on a bullish trend later this year if not next year (according to my monthly bias).
On the daily we're looking at 3 possible scenarios that will drive the price up or down in either confirming the end of the crash or the continuation of it. The crash will begin to come to an end if the price bullish closes and retests above the Mini Daily Neckline, 50 and bullish crossed short-term moving averages. That price behavior will lead to a bullish rally to the Mini Daily Half a Bat Neckline that will finalize the ending of the crash. On the other hand, if the price bullish bounces off the Daily Half a Bat Neckline and 50 moving average with a reversal pattern that leads it to bearish break and retest the Mini Daily Neckline and short-term moving averages, that will continue the crash by dropping the price to the 3rd Weekly Key Lvl (and probably beyond).
Be aware of those different scenarios so that you won't be caught up in a bad trade.
That's it for today. I hope you found value in this article. If you have a different concept in mind, feel free to share it in the comments section, I'd love to know your thoughts!
Stay Blessed,
Sphatrades.
Today we'll look into what will technically drive the price on this crypto currency on the daily time frame.
As you know the currency has been crashing this year, driven by multiple things happening in the blockchain industry and US. It has been a rough period for active traders and long-term investors. But now things seem to coming to an end but that hasn't fully confirmed yet. We might hop back on a bullish trend later this year if not next year (according to my monthly bias).
On the daily we're looking at 3 possible scenarios that will drive the price up or down in either confirming the end of the crash or the continuation of it. The crash will begin to come to an end if the price bullish closes and retests above the Mini Daily Neckline, 50 and bullish crossed short-term moving averages. That price behavior will lead to a bullish rally to the Mini Daily Half a Bat Neckline that will finalize the ending of the crash. On the other hand, if the price bullish bounces off the Daily Half a Bat Neckline and 50 moving average with a reversal pattern that leads it to bearish break and retest the Mini Daily Neckline and short-term moving averages, that will continue the crash by dropping the price to the 3rd Weekly Key Lvl (and probably beyond).
Be aware of those different scenarios so that you won't be caught up in a bad trade.
That's it for today. I hope you found value in this article. If you have a different concept in mind, feel free to share it in the comments section, I'd love to know your thoughts!
Stay Blessed,
Sphatrades.
