I showed that MACD, "SMI" and Fibonacci speed resistance fans could help in identifying these moments, as is evident in the previous cases where you see the first green vertical, and the first red vertical. I then drew a 2nd green vertical as the likely turning point for more VEN momentum. Do note that Bitcoin can mess around a little bit with these indicators, but ceteris paribas (all else equal) this is a valid set-up for a next break-out, in theory.
Looking at the chart, we see the first green golden cross MACD confirmation in 1, the death cross in the in 2. Moreover, today, we are seeing a clear golden cross in the in 3, which is very . We are seeing over 10% increase in the price right on that spot today.
Moreover, in 5, we see confirmation by the RSI indicator: leaving the oversold area in an upward (the opposite as in 4).
Moving ahead, as you can see, we are currently in a big yellow downward trend channel, and within that channel we have a small little light blue triangle (6) that has just experienced a break-out. Nevertheless, we are still in the consolidation rectangle in transparant red around it.
The real break-out still needs to occur, and would logically take place in the big blue triangle (7), with upper resistance coinciding with the downward yellow trend channel resistance. The current set-up seems good.
Lastly, the ("SMI") - as relied upon in the previous post - works quite well in tandem with as you can see on the bottom of the graph!
Conclusion: Do we have what it takes?
--> Golden cross in the (very )
--> coming out of the oversold region & trending upward (very )
--> Just broke out of the smaller triangle but still in the consolidation ): I’d argue neutral to moderately .
--> Strong support on the triangle base: in the sense that we shouldn’t fall too much lower.
--> Closing in to the end of the triangle / trend channel with indicators: yes –
--> "Stochastic Momentum Index in favour as well:
So as long as Bitcoin isn't too capricious in the coming days, we should be good to go.
Feel free to follow on twitter to stay on top (see bio).
(this is not to be considered formal investment advice - DYOR)
On the daily:
On the 4 hourly:
Question is...will it hold?
-> Upward momentum still intact
-> No scary doji candles just yet
Never sell the bear before you shot him, but VEN is testing this crucial resistance level, that's for sure.
- Doji followed by red candle + pending death cross in the MACD + same in the "SMI"
I'll need some motivation, so I'll update this post as of 15 likes :-D
Some FA pointers:
A recently announced Masternode X program lockdown on 20th of March makes whales want to accumulate and lock down their $vet.
Palm Beach Confidential gave a buy advise yesterday https://twitter.com/Crypto_Ed_NL/status/973230969489633280
Source of new buyers from youtube any minute now: https://www.youtube.com/watch?v=Wf18odbzjuo