Outlook for next months
--- Please readjust the scaling so that the spiral sits just above recent price action ---
We are still in the process of consolidation.
In my opinion, the recent drop should not be interpreted as a meaningfull breakdown.
It's still within the acceptable range.
Price bounced of the longest possible MA at 222 (using Bitstamp due to good historic data).
A break (not pierce!) of the red upsloping line would give a clear sell signal with targets in the OTE buy zone 186-200.
Also consider the yellow trendline crossing the OTE zone.
A buying signal is a bit more complex so I subdivided it into 3 signals:
1. Buy : cross of red spiral and no new lows after that.
2. Buy : break of green trend line and holding the 231 level.
3. Buy : break of red log dowtrend line + breaking & holding of strong resistance at 260 for more confirmation
The target depends on how long you would you like to stick to your longs.
I would close all longs at 340 - 375 levels max.
Good luck ! : ]
We are still in the process of consolidation.
In my opinion, the recent drop should not be interpreted as a meaningfull breakdown.
It's still within the acceptable range.
Price bounced of the longest possible MA at 222 (using Bitstamp due to good historic data).
A break (not pierce!) of the red upsloping line would give a clear sell signal with targets in the OTE buy zone 186-200.
Also consider the yellow trendline crossing the OTE zone.
A buying signal is a bit more complex so I subdivided it into 3 signals:
1. Buy : cross of red spiral and no new lows after that.
2. Buy : break of green trend line and holding the 231 level.
3. Buy : break of red log dowtrend line + breaking & holding of strong resistance at 260 for more confirmation
The target depends on how long you would you like to stick to your longs.
I would close all longs at 340 - 375 levels max.
Good luck ! : ]
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.