A dose of bullish hopium for all... Bullish cross on monthly.
Greetings traders, hustlers, busters, movers and shakers hope you are having a safe and profitable day.
We have very interesting thing happening on the monthly chart and perhaps this is giving an immediate indication that case of the bears might not be strong enough to drag us to the new prolonged bear market.
There is 10 and 21 SMA bullish cross steering at us on monthly since the 1st of October and historically both bullish and bearish versions of this cross has played out nicely before and had a significant effect on the direction of the overall trend.
Being a diligent and risk-averse trader that I am I see several problems with this cross and have to get this off my chest before I proceed with the session of bullish mental masturbation.
Problems with the cross:
1. We only have 4 cases of these bullish and bearish crosses happening on monthly and to be honest, I am not sure if this is enough to base the assumption about the future price action.
2. The ideal bullish cross should have both SMAs trending up. In this particular case, 10SMA is up and 21 SMA is neutral more than anything. I guess, there is still merit in this cross since the previous cross ( was not an ideal as well.
3. During the previous bullish cross Stochastic was trending up and was out from the bearish zone, however in the latest case we need to see about 800 to 1000 dollar move to the upside to undo the fresh stochastic cross.
4.. For me, it does not look like RSI is being rejected from the critical zone, however, again, roughly 800 USD move to the upside will result in well-demonstrated rejection and align all the stars for bullish continuation.
This being said, I don't think we are going to see 800 usd uptick to the upside and we are not going to see freshly crossed stochs being undone anytime soon. Question that bags to be asked is following, do we see the cross play out without confluence from the stochastic and RSI? I guess we will see that soon enough.
More likely scenario ATM is that, we test the cross before the end of this month and get rejected from it hopefully with enough inertia to pick-up some bullish momentum as we approach 8.5K level again.
Stay safe people, subscribe to my user for more updates and let me know about your thought in the comments.
Please note that this cross has started a very lucrative bullish market before and we don't have any legitimate reason to suspect that this is not the case now too.
We have very interesting thing happening on the monthly chart and perhaps this is giving an immediate indication that case of the bears might not be strong enough to drag us to the new prolonged bear market.
There is 10 and 21 SMA bullish cross steering at us on monthly since the 1st of October and historically both bullish and bearish versions of this cross has played out nicely before and had a significant effect on the direction of the overall trend.
Being a diligent and risk-averse trader that I am I see several problems with this cross and have to get this off my chest before I proceed with the session of bullish mental masturbation.
Problems with the cross:
1. We only have 4 cases of these bullish and bearish crosses happening on monthly and to be honest, I am not sure if this is enough to base the assumption about the future price action.
2. The ideal bullish cross should have both SMAs trending up. In this particular case, 10SMA is up and 21 SMA is neutral more than anything. I guess, there is still merit in this cross since the previous cross ( was not an ideal as well.
3. During the previous bullish cross Stochastic was trending up and was out from the bearish zone, however in the latest case we need to see about 800 to 1000 dollar move to the upside to undo the fresh stochastic cross.
4.. For me, it does not look like RSI is being rejected from the critical zone, however, again, roughly 800 USD move to the upside will result in well-demonstrated rejection and align all the stars for bullish continuation.
This being said, I don't think we are going to see 800 usd uptick to the upside and we are not going to see freshly crossed stochs being undone anytime soon. Question that bags to be asked is following, do we see the cross play out without confluence from the stochastic and RSI? I guess we will see that soon enough.
More likely scenario ATM is that, we test the cross before the end of this month and get rejected from it hopefully with enough inertia to pick-up some bullish momentum as we approach 8.5K level again.
Stay safe people, subscribe to my user for more updates and let me know about your thought in the comments.
Please note that this cross has started a very lucrative bullish market before and we don't have any legitimate reason to suspect that this is not the case now too.
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