Just an idea pointing out similar scenarios in the past and where we can end up.
We are at a key resistance level that was a major support during the 2018 bear market.
NVT is used to speculate on tops and bottoms. When it flips red it signals a market-top following a big dump, but keep in mind it isn't accurate with regards to timing and can still have the price go up A LOT more before the eventual dump-off.
NVT is currently signaling overbought territory while price is at a major resistance point. Keep in mind it can stay in overbought territory and we can complete our golden cross and go on a one/two/maybe three year bull run lol.
Currently: We have broken out above the 200MA. If we hold this current price level and continue on to complete our golden cross that would be really bullish in my opinion.
April 2019: We had a similar situation. We broke above the 200MA, completed the golden cross and went on for over 150% gains to the upside.
Risk is too high to take a position at this very moment. Considering the possibility of such massive gains I will wait for the above confirmations to occur first in order to avoid any possible dump at this key resistance level. If we break above it, hold that price level as RSI retraces down (but with higher lows) following the golden cross then I would look to long and hodl my bags.
Would love to know what you guys think. Safe trading, cheers!
We are at a key resistance level that was a major support during the 2018 bear market.
NVT is used to speculate on tops and bottoms. When it flips red it signals a market-top following a big dump, but keep in mind it isn't accurate with regards to timing and can still have the price go up A LOT more before the eventual dump-off.
NVT is currently signaling overbought territory while price is at a major resistance point. Keep in mind it can stay in overbought territory and we can complete our golden cross and go on a one/two/maybe three year bull run lol.
Currently: We have broken out above the 200MA. If we hold this current price level and continue on to complete our golden cross that would be really bullish in my opinion.
April 2019: We had a similar situation. We broke above the 200MA, completed the golden cross and went on for over 150% gains to the upside.
Risk is too high to take a position at this very moment. Considering the possibility of such massive gains I will wait for the above confirmations to occur first in order to avoid any possible dump at this key resistance level. If we break above it, hold that price level as RSI retraces down (but with higher lows) following the golden cross then I would look to long and hodl my bags.
Would love to know what you guys think. Safe trading, cheers!