The bounce into the bullish order block created bullish regular divergence on the CMF and RSI, along with a weaker bullish divergence shown on the OBV. This type of divergence is often a sign of trend reversal. We have also seen an inverse head and shoulder pattern break out—currently retesting this breakout potentially confirming an entry for the bulls.
Having held above the red slow MAs is also a great sign, and this would be a bounce from that area. Always be on watch for stop hunts to liquidate high leverage positions. This will have a short term bearish effect on the alt markets, further confluence for the ETHBTC idea shared earlier.
I am looking for entry opportunities to leave buy orders in alt markets.
Having held above the red slow MAs is also a great sign, and this would be a bounce from that area. Always be on watch for stop hunts to liquidate high leverage positions. This will have a short term bearish effect on the alt markets, further confluence for the ETHBTC idea shared earlier.
I am looking for entry opportunities to leave buy orders in alt markets.
Note
Still holding my earlier entry.Trade active
As I had mentioned before I was playing out the more aggressive IHS target from before. I had a short target that I flipped long at the formation of the head. If you’ve held on to that you are still in profits. After consolidating, we broke down towards the level I would’ve used as a stoploss if I bought the retest of the IHS breakout (had I not had a lower entry). Originally I was considering using this as a take profit on my lower entry, however, I entered a leverage short position on xbt spot contracts to hedge my prior long entry. This would lock in profits between my long and short entry. Upon seeing some signs of strength I did take small profits on that hedged position. I won’t be able to watch much this morning, but I will try to update. Either way with this method, I am covered on both ends—already guaranteeing profits for today while BTC makes up its mind. Trade active
I was late getting a shorted this play but it was worth the risk to protect prior profits. Current plan to exit my short positions as follows. Looking for this IHS to play out now that the ADX is beginning to move back up. Trade active
Same chart as above on daily showing some bullish hidden divergences.Note
Note
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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.