Hello!
What a night! Unbelievable! Sensational! If you're new...WELCOME TO CRYPTO!
The "Musk Candle" sent Bitcoin printing a crazy daily candle wick spread of over $6,000 lol
However...it did NOT completely change the short-term momentum of the downtrend. It got beaten back down with a heinous wick over the course of the day.
On lower time-frames, price is currently building what could be support on resistance of the upper downward-sloping counter-trend line. If it sticks...that's bullish IMO.
I'm looking at three main things to identify a trend change. When the trend changes I will likely long Ether with 5x leverage, so it's worth it for me to wait, wait, wait, and be patient, patient, patient for these three things to happen:
1. IF price stays buoyed above the Alligator lines and we see a slew of candle-body closes above those lines, building support on old resistance. That's a bullish checkmark for me!
2. IF the yellow line on the Alligator moves up over the red and blue...that is a bullish checkmark for me!
3. The ADX and DI looks like it's going to print a bullish crossover here in a few hours when the daily candle closes. That's a bullish checkmark for me as long as it stays bullish!
That's it. That's the simplest way I can think of to look for a change in trend. I hope you enjoyed this chart!
Peace, Love, & Crypto,
B166er
What a night! Unbelievable! Sensational! If you're new...WELCOME TO CRYPTO!
The "Musk Candle" sent Bitcoin printing a crazy daily candle wick spread of over $6,000 lol
However...it did NOT completely change the short-term momentum of the downtrend. It got beaten back down with a heinous wick over the course of the day.
On lower time-frames, price is currently building what could be support on resistance of the upper downward-sloping counter-trend line. If it sticks...that's bullish IMO.
I'm looking at three main things to identify a trend change. When the trend changes I will likely long Ether with 5x leverage, so it's worth it for me to wait, wait, wait, and be patient, patient, patient for these three things to happen:
1. IF price stays buoyed above the Alligator lines and we see a slew of candle-body closes above those lines, building support on old resistance. That's a bullish checkmark for me!
2. IF the yellow line on the Alligator moves up over the red and blue...that is a bullish checkmark for me!
3. The ADX and DI looks like it's going to print a bullish crossover here in a few hours when the daily candle closes. That's a bullish checkmark for me as long as it stays bullish!
That's it. That's the simplest way I can think of to look for a change in trend. I hope you enjoyed this chart!
Peace, Love, & Crypto,
B166er
"You didn't come here to make a choice, you've already made it. You're here to try to understand why you made it."
―The Oracle
―The Oracle
