Again not a lot to report from yesterday, we still have had any price action even after the futures close which was interesting, historically we normally see some movement in anticipation to the close and on the close we get the biggest action but yesterday we had barely anything....I see this as kind of bad, a very stale market imo can be bad in the short term.
Todays daily has wicked down and bounced on the 50% which was kind of an expected move to test those fib retracement levels, but we are still currently holding above the 38 line but yet another spinning top proving doubt and uncertainty of the direction to come.
Until we see some harsher moves we will most likely trickle down to test the 618 before really making a decision on the short term direction, for me im still pretty bearish in the mid term and believe we havent tested new all time lows for the year just yet (keen on 2800-3000)
What is interesting though this is our forth bearish column on the volume indicator, we done often see that many bearish volume columns in a row so if we touch down on the 618 we may see some bullish volume take control temporarily with a spike to maybe test that current high around 3700, but with out descent volume it may be rejected pushing us back lower.
4hr showing a classic descending wedge, which is typically a bullish break out pattern, if the moves there it will run to that previous high, a break down says we are going low.
Always pay attention to the short and long charts on bitfinex for a basic idea of market sentiment, right now shorts are low and longs are high...can some times get a squeeze when there are lots of orders in the book specially with not a lot of short traders, could get a long squeeze with a harsh wick down to stop out long traders.....
Some times its not about predicting whats going to happen to base your trades on, some times its more about having an idea of 2 possible scenarios, having a plan in place for both and waiting for the market to react for you to put your plan into action.
Up or Down there are opportunities
Todays daily has wicked down and bounced on the 50% which was kind of an expected move to test those fib retracement levels, but we are still currently holding above the 38 line but yet another spinning top proving doubt and uncertainty of the direction to come.
Until we see some harsher moves we will most likely trickle down to test the 618 before really making a decision on the short term direction, for me im still pretty bearish in the mid term and believe we havent tested new all time lows for the year just yet (keen on 2800-3000)
What is interesting though this is our forth bearish column on the volume indicator, we done often see that many bearish volume columns in a row so if we touch down on the 618 we may see some bullish volume take control temporarily with a spike to maybe test that current high around 3700, but with out descent volume it may be rejected pushing us back lower.
4hr showing a classic descending wedge, which is typically a bullish break out pattern, if the moves there it will run to that previous high, a break down says we are going low.
Always pay attention to the short and long charts on bitfinex for a basic idea of market sentiment, right now shorts are low and longs are high...can some times get a squeeze when there are lots of orders in the book specially with not a lot of short traders, could get a long squeeze with a harsh wick down to stop out long traders.....
Some times its not about predicting whats going to happen to base your trades on, some times its more about having an idea of 2 possible scenarios, having a plan in place for both and waiting for the market to react for you to put your plan into action.
Up or Down there are opportunities
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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.
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.