Identifying the right support level is key 📉. When you find | Elon Chezk on Binance Square

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Identifying the right support level is key 📉. When you find it, the coin won’t leave you without profit 💰—as long as you exit at the right time 

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Gold Cross: A "golden cross" in trading refers to a bullish technical indicator that occurs when a shorter-term moving average (typically the 50-period moving average) crosses above a longer-term moving average (usually the 200-period moving average). This pattern suggests that momentum is shifting in favor of buyers, signaling potential upward movement in the asset’s price. It's considered a strong buy signal in technical analysis, implying that the market trend is moving from bearish to bullish. Traders often use this pattern to initiate long positions, believing that the upward momentum will continue. The opposite pattern is known as a "death cross," where the shorter-term average crosses below the longer-term average, indicating a potential downtrend. In the chart below provided, there are three moving averages: MA(7), MA(25), and MA(99), with the corresponding lines in different colors. Here's how you can identify a golden cross: 1. Golden Cross Definition: This happens when a shorter moving average crosses above a longer moving average, indicating a potential bullish reversal. In this chart, we are looking for the MA(7) (yellow line) crossing above the MA(25) (red line) or MA(99) (purple line). Identifying Golden Crosses: First cross: The MA(7) appears to have crossed above the MA(25) (red) line between the second and third candle from the right side of the chart. This is a bullish signal. Second cross: The MA(7) and MA(99) lines (yellow and purple) appear to be very close but have not yet formed a full golden cross. You can monitor this closely to see if it happens in the following candles. If the MA(7) crosses MA(99) upwards, it would also signal another golden cross for a stronger long-term bullish sentiment. The two Gold crosses Induced Green candles!

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