With Mark Wood
3 posts • Page 1 of 1
Two different looks are showing 51.4 as a key area of resistance. The cross between 21 and 50EMA on EMASAR 4hr and the 9EMA on daily.
It's a bullish sign that the middle BB on daily is holding price. Makes it more likely that the top band gets tested again but would want at least 3 closes above the middle band on this test.
Losing 49K for more than a few days could lead to 40-42K
This is one reason that I don't always just stick with one indicator and will look for confirmation of key areas of support and resistance coming from several different angles
Looks like price wants to take the path of the red arrow. Tried to push up above 51.4K earlier in the day but was denied access by the moving averages above. Considering a few scenarios:
1. This area above the beach gets front run a little
2. W bottom formation in this area around the beach
3. Stronger drop occurs pushing price to the area of the Buoy and TD Risk Line. Liking the confluence of support in that area and would likely be a buyer there.
Got a nice bounce off of the beach. Had the red 5 candle closed below the 200EMA that could've led to continuation down towards the 40K range but it held for now and watching a possible pattern similar to late Jan. Currently the 9EMA is resistance which is not a sign of strength but a close above that would get interesting. Now the yellow has crossed below the blue keeping downward pressure strong. Wouldn't get too bullish until price was holding closes back above the 50EMA in the 50.3K range. Daily close above there today would be a fairly bullish sign.