First and foremost, let me address that this is not financial advice... It is recommended that you do your own due diligence, fundemental and technical analysis before purchasing any asset. I simply enjoy looking at the charts...
Yesterday was my first Chart Art post, and today's post will focus on the same market, but with some more details...
There are many perspectives and angles to see the market from, so try not to close the mind to any possibility... If the market behaves in a way you did not foresee, adjust the lens to figure out what you have been missing for a further understanding of the market...
Let me circle my buy/sell indicators here...
Should've paid more attention to my indicators... I've been buying down from .0255 since my last sell... Don't do as I do, do better please... Practicing better habits myself...
Looks like the long term red trend line is giving us some resistance right now... Really needs to reclaim the bottom red line as support. Looks like the 10 day moving average (the aqua colored line, .0163) is starting to be reclaimed as a short term daily support. A healthy sign...
Moving forward I'm personally looking for the market to stay above that 10day moving average, start to claim the bottom red line as a support, and eventually break the 20day moving average (green line) resistance and then the 30 day (white line).
If all goes well, we could be looking a something like this above... From back in October/November... Notice the first candle in the image is below our red trend line. Reclaim that trend line, pull the moving averages up over each other to get them in the right order. 10 day leads the run, 20 day follows, and the 30 day stays behind on a bull run as pictured below
A true run could be still be some time away, so I'm looking for a short-term oversold bounce or some sideways action... If the market reacts as I suspect, I shall add to my position, and aggressively take some profits when the opportunity arises. This is something I have interest in for long term, so I shall also leave a portion of profits to do what they shall... If this falls back and starts closing below the 10 day moving average again in the near short term, then the exit strategy changes to cut the losses.
Happy trading! Thanks for reading
