TradingView: Cryptocurrencies Now Work “Smoothly”

After a busy week and battle to lose the benchmark for Bitcoin, $30,000, the market is stabilizing along with global expectations. Quiet cryptocurrencies for now.

dollar stocks

BTC remains consolidated after a sharp decline in the past 20 days, or since it found the Queen – 200-period arithmetic moving average. Almost 2 months ago. That’s it, the price moves towards the 20-period moving average or the moving average meets the price – as it happens.

Will it be a bottom consolidation waiting for the arrival of MMA20 to continue the downward move?! Will it be a consolidation to go up again?!

MMA20 is still in strong decline and even directs prices and provides momentum as it exits. Fibonacci target also set at 161.8%. Property is cheap. However, buyers should join for the pleasure of those purchased in this fund/support. And yes, it can go down even further! (See more about Bitcoin).

Gustavo Correa

We have on the screen a chart of 2 days, a EMA 21 and one IFR with an EMA14

Note that in the white circles I have identified areas of obvious accumulation. They took place above EMA 21. And not IFR above the emu 14. So both the price and the IFR below their EMAs and this generated a price dump.

Now notice the yellow circle in the center of the graph. He is on a background. Below EMA 21 and the IFR below the EMA14. Soon the price breaks and generates a strong impulse wave.

Now notice the yellow circle within the current price on the right side of the chart. Do you see similarities? YES! Again the price is below EMA 21 and the IFR below the EMA14.

The obvious question is: are we getting another wave of strong momentum, as we saw in the last yellow circle? If so, is this the start of another bull run? (See full analysis).

Leandro Sander

I had another count up to November before failing the previous top breakout, shortly after I considered us on a wave 2 in an intermediate cycle with That Extensive Flat function.

That expectation failed and the possible corrective wave 2 for another bullish leg got too deep and I went back to the whole move of the BTC like a large top rectangle or even a gently sloping bull channel.

So with trepidation I followed a RUNNING FLAT famous drift pattern or the EXPANDED FLAT, this time both for a wave 4 of the weekly chart. It is now defined that we are not in a running flat, because we have a lower bottom and the asset has lost the diagonal characteristic of an inclined channel. So we have the opportunity to move an EXTENDED FLAT.

This corresponds to the 200 weekly moving averages, both exponential and simple, which historically have often been price support zones.

The rule of alternating waves of Elliott says that: one correction wave must be different from the other, in short, if wave 2 of this weekly bullish cycle were to make a more abrupt correction in price (covid-19 with a zigzag on WXY), so on wave 4 we expect a more sideways correction over time on a broad ABC. (See dynamic chart).

Allan Jhones

Over the weekend, DOT price managed to break the LTB (downtrend line) trajectory that had pressured the price in recent days and highlighted here in the latest analysis.

Now on the H4 chart we see that the 90-period moving average is just above the price and will be a relevant resistance, but a break from it should accelerate the bullish move, which may intensify as the indicator shows. MACD progress in the positive scenario.

A break from the 90 average at the 10.50 point should bring the price to 12, while the strongest level will be 14, where the average is 200. (See more on DOT).

Disclaimer: The analyzes presented here are studies only. They are not recommendations for investment, purchase or sale, nor do they reflect the views of the media in which they are published. These are studies aimed at people with knowledge and experience in the financial market.

Our authors: dollar stocks, Gustavo Correa† Leandro Sander and Allan Jhones†