Look for the White Line. I think this is kinda the short answer. Of course to actually see the white line, you have to look at the chart below. The white line represents the 200 Moving Average, this is one of the most important indicators that traders and investors keep an eye on.
According to Investopedia
The 200 simple moving average (SMA) is considered a key indicator by traders and market analysts for determining the overall long-term trend. The price level in a market that coincides with the 200 SMA is recognized as a major support when price is above the 200 SMA or resistance when price is below the 200 SMA level.
You read that right MAJOR SUPPORT LEVEL . I've seen this in numerous stocks, around the 200-day there is a life and death battle. Today Bulls won a little victory, they successfully defended the 200 SMA.
What's Next ?
Today the answer to this question is I really don't know, sorry to disappoint you but it is what it is. We are in the middle of nowhere and the following scenarios are very possible for me, I will rank them from most possible to least possible
- We continue falling, re-testing the 200 SMA and actually breaking it.
- We make an inside bar (an inside bar is a bar, which is within the preveious bar)
- We make a run for it and test the 9300$ level
What's your view on the market ? I would be very interesting to hear your experience in this crypto-carnage day.
