Hey everyone. I last mentioned waiting for price to retest after breaking up and through the downward trend channel. Was initially thinking it might be the top of the trendline channel that would now be support, but when it broke back down I was looking at the 200 EMA as the next support level which is where we're at.
Too soon to tell what will happen but I will still wait as things aren't lined up with my system to go long. I need the Blue 12 EMA line to cross back over the Red 36 EMA line to the upside, come back and retest but it really also needs to break that horizontal resistance line at 11,800. Too many "ifs" at the moment to make a move.
I just try to follow my simple technical analysis but to editorialize just for fun, I think we're in a moment where people are afraid to jump back in especially seeing people get "burned" by that big retest (mostly new novices to trading/investing and the blockchain tech as well as cryptocurrency specifically). Then the other sentiment is looking for another big run, so people on the edges waiting to get in if it looks like it will take off. There is also uncertainty around regulations, taxes etc. It seems like Governments are accepting that blockchain and cryptos as a concept will be in our future - but which will remain and how to best regulate is still in question because this is all so new.
Cheers!
Too soon to tell what will happen but I will still wait as things aren't lined up with my system to go long. I need the Blue 12 EMA line to cross back over the Red 36 EMA line to the upside, come back and retest but it really also needs to break that horizontal resistance line at 11,800. Too many "ifs" at the moment to make a move.
I just try to follow my simple technical analysis but to editorialize just for fun, I think we're in a moment where people are afraid to jump back in especially seeing people get "burned" by that big retest (mostly new novices to trading/investing and the blockchain tech as well as cryptocurrency specifically). Then the other sentiment is looking for another big run, so people on the edges waiting to get in if it looks like it will take off. There is also uncertainty around regulations, taxes etc. It seems like Governments are accepting that blockchain and cryptos as a concept will be in our future - but which will remain and how to best regulate is still in question because this is all so new.
Cheers!