[Mar 30] Bearish/Bear sentiment continues, the line I’m watching today!!
In a stagnant market, aren't you trying to enter somewhere?
In the past I would also force a justification by saying “if it isn’t moving, I’ll create movement.”
Today, I will organize things to prevent that from happening.
Today's Market Situation
Current price is around $4,470.
The EMA20 on the 1-hour chart (short-term moving average) is $4,466, the EMA75 is $4,471, and the EMA200 (long-term moving average) is $4,592, with the short- and mid-term EMAs converging at roughly the same level. This indicates that the market direction is not yet established.
The RSI (an indicator showing overbought/oversold) is 51.98, nearly neutral. On the 4-hour chart it is 48.76, also neutral.
The Bollinger Bands on the 1-hour chart have an upper bound at $4,537 and a lower bound at $4,396, and while the band width remains somewhat, the current price is slightly above the center of the band.
In short — it is in a state where it can move either way, and the direction is not decided yet.
GoGo Taro's View
This article is personal analysis and does not constitute investment advice or solicitation. Please make trading decisions at your own risk.
If the previous day high of $4,556 is clearly broken to the upside, I see a possibility that buyers may regain momentum.
In that case, I would be looking for a rise around the 1H EMA200 ($4,592).
On the other hand, if the EMAs around the current price converge and begin to break down to the downside, I think a pullback toward the previous day’s low around $4,348 is a possibility.
At that time, I would want to see whether the 1H EMA arrangement opens downward.
Which way it will move is hard to judge at this stage, and today I will adopt the stance of “waiting until the direction is determined.”
Today's Reference Lines
Since there are no points meeting RR1.5 today, entry is postponed.
There are no reference entries today either.
With EMAs nearly converged today, many cases where the supporting lines and entry zones overlap made it difficult to clearly calculate stop loss and take profit targets from numerical values.
Rather than forcing a setup, waiting for a clearer sense of direction seems prudent.
Important Lines
Resistance ①: $4,555 (Reason: previous day high)
Resistance ②: $4,470 (Reason: 1H EMA75)
Support ①: $4,465 (Reason: 1H EMA20)
Support ②: $4,350 (Reason: previous day low)
1H EMA200: $4,590 (watch line)
Today's Sayings
“Trades moved out of hesitation become regrets.”
This article is personal analysis and does not constitute investment advice or solicitation. Please make trading decisions at your own risk.
If you found it helpful, a follow is appreciated and encouraged.
Feel free to ask questions or share thoughts in the comments.
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