12-Hour EMA Ribbon Support

7 Des 2020

Notice the beautiful support the 12-hour EMA ribbon has been providing all the way through this uptrend, since mid October/low 11ks. It has now supported the price once again as we await BTC's next move. Note that I've drawn the current formation as a descending channel but it can also legitimately be drawn, on certain time frames, as a descending triangle and on other time frames as an ascending triangle or a pennant, or even as a pennant that we've already broken out of and now have come back down to retest. Which formation is "correct"? I have no idea and nobody else does either, and we won't know until price action plays out, and then, of course, it will seem "obvious" and the ones who drew it correctly will say, "I called it!"

But anyway - just pointing out the 12-hr EMA ribbon support.