I'm a beginner at TA so please keep that in mind, I welcome any advice or comments.
One year chart, right now I'm seeing support at $53390 and resistance at $67000. 50 day moving average is above the 200 day moving average, keeping an eye out for a breakout above the 50 day at $61000. However price action is trading below the 50 moving average line, which could indicate further selling?
RSI: Currently 45.6, slightly oversold. I'd have more bullish conviction if it was lower, say mid to low 30's.
DMI (Directional Movement Index): Yellow line (trend strength) looks like it's weakening for both bullish (green line) and bearish (red line) however bearish signal is above the bullish.
Current analysis: Neutral, watching and waiting for movements above or below resistance lines or a break above the 50 day moving average.
This idea is for informational/entertainment purposes, this is not investment advice. Please use caution and do your own research before trading.
One year chart, right now I'm seeing support at $53390 and resistance at $67000. 50 day moving average is above the 200 day moving average, keeping an eye out for a breakout above the 50 day at $61000. However price action is trading below the 50 moving average line, which could indicate further selling?
RSI: Currently 45.6, slightly oversold. I'd have more bullish conviction if it was lower, say mid to low 30's.
DMI (Directional Movement Index): Yellow line (trend strength) looks like it's weakening for both bullish (green line) and bearish (red line) however bearish signal is above the bullish.
Current analysis: Neutral, watching and waiting for movements above or below resistance lines or a break above the 50 day moving average.
This idea is for informational/entertainment purposes, this is not investment advice. Please use caution and do your own research before trading.