The leader of the crypto market has finally made multiple key advancements indicating, at the very least, we may be in for a relief rally. But before anyone gets ahead of themselves, it should be known that the way above is riddled with landmines. Play wisely, friends.
For the bulls:
• We have finally flipped multiple bearish moving averages (entire EMA ribbon, lower Ichimoku resistance)
• We have broken out of the greater bear pennant and are currently confirming a bullish breakout
• Consistent and predictable higher lows off of the $30k zone continue to support the idea that the area is a strong defensive zone for the bulls
For the bears:
• Many signs that the entire range between $40k-$50k is the "real fight" for the bulls to conquer, and it's a pretty tricky one.
• We have repeatedly fought to secure the lower $40k's and failed.
• 200 EMA (4h), upper Ichimoku resistance (4h), the entire EMA ribbon (daily), and both Ichimoku resistances (daily) - all of these line up with the $40k-$50k zone.
• From a simple trading standpoint, it makes sense. Traders who have been waiting for a larger play for weeks will see the $40k's as a fairly safe setup to secure profits and/or short - meanwhile many people will resist establishing fresh longs until the zone is secured.
For the bulls:
• We have finally flipped multiple bearish moving averages (entire EMA ribbon, lower Ichimoku resistance)
• We have broken out of the greater bear pennant and are currently confirming a bullish breakout
• Consistent and predictable higher lows off of the $30k zone continue to support the idea that the area is a strong defensive zone for the bulls
For the bears:
• Many signs that the entire range between $40k-$50k is the "real fight" for the bulls to conquer, and it's a pretty tricky one.
• We have repeatedly fought to secure the lower $40k's and failed.
• 200 EMA (4h), upper Ichimoku resistance (4h), the entire EMA ribbon (daily), and both Ichimoku resistances (daily) - all of these line up with the $40k-$50k zone.
• From a simple trading standpoint, it makes sense. Traders who have been waiting for a larger play for weeks will see the $40k's as a fairly safe setup to secure profits and/or short - meanwhile many people will resist establishing fresh longs until the zone is secured.