DrDovetail
Long

BTCs 1Day Candle testing 200EMA as resistance…Tline now support?

BITFINEX:BTCUSD   Bitcoin / Dollar
Todays             BTC             Candle has been wicking above the T-line(yellow line) quite a few times today which has acted as strong resistance the past couple days. It has now gone up above the t-line and touched The 200EMA(orange line) and bounced down off it a couple times today and currently, todays             candle is as of this writing, still above the T-line. It's possible then that we may be back on top of the t-line with it now acting as support and the new resistance is the 200EMA(orange line) instead of the 200SMA(purple line) that served a support the last couple days. Of course we still have 2 hours left before the close so It could still close under the t-line and could still find a way to have the same lines of support and resistance as yesterday. I think either outcome is equally possible at this point or even a mixture of the 2 where the 200SMA is still the support line but the 200EMA is the new resistance. Both interestingly enough are being reinforced with different fibonacci extension lines(blue and turquoise). Being that the price has not been above the t-line on the daily for 13 days now its due. However today didn't carry much volume , RSI is neither overbought or oversold, and Mac D is only giving buy signals on the 1 hour and 4 hour so I think we may close under the tline...whichever of the equally likely outcomes occurs I'll be doing very moderate range trading, buying in fractional amounts just above the purple line and selling fractional amounts just below the orange line. Yo do you as this is not financial advise ;)
Kommentar: No matter how today's candle closes I think one thing I can say for certain today is we finished once again with a higher low and a higher high so I anticipate the bull trend to continue.
Kommentar: and the candle has closed above the T-Line usually a strong buy signal, and currently a great overall sign for the bulls.
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