Buyin opp or not? - Snap Crypto Update
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06/08/2018/08:50CET*
Is this the reversal we have been waiting for? or another trap?
Everyone in this space is watching with baited breath as to how #BTC will move. The nascent altcoin bounce hangs on big brother so all eyes on the BTC charts today. At press time we sit at 7080 usd.
Over the weekend we saw stability in markets after a gut churning week of drops in #btc.
Today will be a quick update because leave for a few days enduro riding in Germany.
So lets look at the charts then...
Looks to me that the 7050 rs line is being confirmed again. Even though we broke through it, and I called it a little prematurely broken, it was very short lived.
In hindsight, it is often the case that we overshoot. Something to keep in mind when you place your stop loss orders for safety. Nothing worse than being shaken out at the reversal.
The 2 indicators I have up are the 21 and 8 day ema lines.
I have gone to this to better analyse entry and exit points to swing trade.
At press time we sit at 7080 usd just above our 7050 rs line.
I will get bullish on a swing trade once we pass the 8dema at 7360 usd
My bear market master plan is to buyin once we close a daily candle above the 21dema at 7430 today.
This will probably come down to the 7400 handle by then, if we do rally.
As you guys know. I try to stick to TA and not get into fundamentals in this blog, but I do see a lot of optimistic news coming out recently that I do not think is yet priced into the market.
My gut is telling me upside has better than even chances right now.
that is it for now guys. I'll be back toward the end of the week, if I survive that is!
Excellent report, thanks for the info.