ELON, IS THIS IT?
Hello everyone,
As many have probably noticed, the crypto market took a small hit this morning in result of the stock market dump at market open.
A small dip in crypto as a result of a stock market crash is expected but crypto should see a nice and quick recovery imo as people move out of stocks and into crypto and other assets.
As far as ELON goes, it has been a frustrating week for us as ELON has refused to break to the upside but.. it also has maintained above our ORANGE line for the most part and always has climbed right back above it even when it wick'd below.
As is the case now. Currently, ElON is sitting right on top of our ORANGE support which is a good sign as long as it can stay above it.
I have also drawn out what appears to be bullish divergence on the 4hr chart, another good sign.
With that being said, there is always risk in trading and not all trades can go our way as much as we would like them too. Please manage your own risk accordingly.
Watch that ORANGE line closely. even an hour candle close below it at this point could spell disaster.
Also take note that our EMAs (that is a 20 period and a 200 period on my chart) have not yet crossed bearish which is yet another good sign but we will want to monitor those as well.
UPDATES to come...
:)
As many have probably noticed, the crypto market took a small hit this morning in result of the stock market dump at market open.
A small dip in crypto as a result of a stock market crash is expected but crypto should see a nice and quick recovery imo as people move out of stocks and into crypto and other assets.
As far as ELON goes, it has been a frustrating week for us as ELON has refused to break to the upside but.. it also has maintained above our ORANGE line for the most part and always has climbed right back above it even when it wick'd below.
As is the case now. Currently, ElON is sitting right on top of our ORANGE support which is a good sign as long as it can stay above it.
I have also drawn out what appears to be bullish divergence on the 4hr chart, another good sign.
With that being said, there is always risk in trading and not all trades can go our way as much as we would like them too. Please manage your own risk accordingly.
Watch that ORANGE line closely. even an hour candle close below it at this point could spell disaster.
Also take note that our EMAs (that is a 20 period and a 200 period on my chart) have not yet crossed bearish which is yet another good sign but we will want to monitor those as well.
UPDATES to come...
:)
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