COIN Hammer off of Lower BBand
Coinbase put in a hammer candle yesterday after a bounce off of the lower Bollinger Band which can be read as a potential bullish signal seeing as how price is seeing a further advance today on a strengthening Bitcoin price.
The PPO indicator is still reading short-term bearish momentum with the green PPO line declining below the purple signal line. Both lines remain above the 0 level though so this decline in price since mid-July can be viewed as a bullish pullback.
The TDI indicator shows the green RSI line trending back up after holding above 40 and is close to crossing back above the 50 level which could indicate a shift to bullish price trend forming. What we want to see is for the RSI line to continue to rise and cross above the 60 level as a sign of a true shift to bullish price trend. When the RSI is trending between 40-80 the overall price trend is considered bullish, so for now the RSI can be interpreted as a being in a bullish pullback.
Back in a Coinbase trade after being stopped out last month when price spiked above $100 then declined. Watching for a potential move back to the center Bollinger Band which rests just below $100. Should price top the center Bband then a move back up toward $110 will be in play.
Buy price for me today was at $87.40. Current stop-loss order is set just below the hammer candle and lower Bband at $81.17.
The PPO indicator is still reading short-term bearish momentum with the green PPO line declining below the purple signal line. Both lines remain above the 0 level though so this decline in price since mid-July can be viewed as a bullish pullback.
The TDI indicator shows the green RSI line trending back up after holding above 40 and is close to crossing back above the 50 level which could indicate a shift to bullish price trend forming. What we want to see is for the RSI line to continue to rise and cross above the 60 level as a sign of a true shift to bullish price trend. When the RSI is trending between 40-80 the overall price trend is considered bullish, so for now the RSI can be interpreted as a being in a bullish pullback.
Back in a Coinbase trade after being stopped out last month when price spiked above $100 then declined. Watching for a potential move back to the center Bollinger Band which rests just below $100. Should price top the center Bband then a move back up toward $110 will be in play.
Buy price for me today was at $87.40. Current stop-loss order is set just below the hammer candle and lower Bband at $81.17.
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