With Mark Wood
1 post • Page 1 of 1
EMASAR sky darkened in the last few days which says be careful getting too bullish on dips looking for strong moves back to the upside. The way I define a timeframe weakening is when an EMA crosses below the SMA of the same demoninantion. Easy to see that when these two MAs get close to each other it tends to pull price down to the area. This is purple 200EMA and white 200SMA.
So the purple is getting ready to cross below the white which says the strength of the uptrend on this timeframe is weakening. The current candle is a red 7 and it seems inevitable this area is going to get tested. Will be watching oscillators and TD Sequential to find a dip because this is an area I would look to get a bounce with maybe a push slightly below the area of the cross.
Using this idea and EMASAR defines an area of interest between 44K and current price(46400).
One more area of strong support I'm seeing is on the 144m chart which I use much like the 4hr. Seeing the Marker line up very closely with the Buoy with a fairly fresh bullish trend formed on this timeframe says it might be a dip worth buying. So looking to buy a dip between 44-46K but will wait for some comfirmation that price has found and area to settle for a minute.
Losing the mid 40K range brings the possibility of 40K range which *should* be a buying opportunity but that is TBD.