Is this the time for correction?

٩ فبراير ٢٠٢٠

Hello wonderful person!
Did you all get some good trading or buy in opportunities this week?
For my part I am a little surprised that the price went up this much without any significant correction, especially since ETH had this beautiful raise.
So, I made this post a little longer to look more into some signals. It is a "wall of text", so I placed the conclusion at top in case you only want to read that part.


Conclusion

• Current support line: 9060
• Second support line: 8540
• Current resistant line: 9340
• Second resistant line: 9500

News front

• Still effect from Corona virus news epidemic.
  
• More news about large companies supporting crypto industry and blockchain which increase awareness.
  
• Bloomberg and others are talking more about BTC which increase awareness.
  
• Halve-ling is soon upon us and people are hearing more about it.
  
• Been more focus on the rarity of BTC, and that there is not enough BTC for everyone to own.
  

My personal opinion is that we are in the beginning of a potential huge gain in price of BTC and other crypto assets, due to the fact of this increase exposure in media and serious finance groups.
However, I think that this beginning is more of an increased accumulation period where we will see a quite significance correction when people are stopping down on the accumulation, and some even start to sell.
Now where that upper resistant line is going to hit or accumulation period is slowing down period, I do not know.

I am a little conflicted, because my logical side is saying: this is too much of an increase without a solid reason and will soon hit a key resistant line.
The TA side of me is saying this trend is still strong and price will increase.

So the question for my part is: Do I dare to surf the wave until it hits, or wait on the side line with my fresh FIAT to "buy-in" on a correction?

My decision is to wait and see what the price is reacting to when it hits the strong resistant line @9340.



How does it look like at daily
- 100 MA days: 7340
- 200 MA days 8000

MACD is looking strong, and hints of a strong build up. The price candles are above the MA Boilingerband.
The pattern of the raising candles are in steps, which I think is good. It shows a confident increase, where a negative version would be one huge spike without any correction to it.

RSI and Stocchastic are showing clear sign of upwards trends with higher lows, but RSI is also showing a slight "slow down" from the 16 - 29 jan price increase; which could mean that there were already some momentum lost at that resistant line @8580.

The momentum indicators shows a good momentum in current trend.
The accumulation/distribution ratio is showing a very good accumulation.

Every indicator is moving into the direction of continuation of current trend.


how does it look like at 4 hourly
- 100 MA days: 8400
- 200 MA days 8000

The MACD is showing less strength in this price chart, so does my momentum indicators.
They are still positive, but showing less strength than on the daily chart.

The collective of my indicators, and how I understand them, are showing a trend continuation but at much lower strength. Which could indicate that the price increase is showing "out of breath" or soon.

4 hour chart BTC/Euro with BB and MA