Major confluence on daily timeframe
Finding support on two indicators
![Major confluence on daily timeframe](/content/images/size/w1200/2022/05/Major-confluence-on-daily-timeframe.webp)
Obligatory: this is not financial advice and I am not a financial advisor.
EMA
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1380ceb-7d77-4c4b-a700-e9e6eedfa697_1834x878.png)
Decred found support on the daily 20 and 50 EMA at $60. If this holds the next level of resistance is the 200 at $80.
Ichimoku
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F36e235c1-79aa-4fef-825f-212823cb81ae_1834x878.png)
The tenkan and kijun also proved support at $60. Currently it’s consolidating right below the cloud. Piercing the cloud gives a strong potential to execute an end-to-end which would send it to the other side of the cloud around ~$80.
Conclusion
Decred finding support off the daily EMA's and cloud MA's. The next level of resistance on both is ~$80.
Major confluence on two reliable indicators on high time frames.
Now let's just hope stonks don't do us dirty.
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