Chop City
Well we pulled into that green zone and resisted the 200 EMA again.
We did not see the upthrust, exhaustion, and rejection we were looking for to confirm a reversal. The last few hourly volume bars into this zone were in fact bullish, indicating a test could be carried by the market. Furthermore, all sideways movement into this level contributes to bullish sentiment as the zone is no longer considered extreme in the range.
The short term channel is broke and may now provide support . The next test area to watch appears to be the upper range of the medium term channel. The 100 and 200 EMAs are also here and appear to be in play.
My bias is still sell this moment but I'm seeing bullish activity into these zones (or what is masked as bullish activity). With volume this low, make of it what you will, but I'm not ignoring it. Remember, using TA in super low volume environments is anyone's guess and may lead you right into a smart money trap.
What we know:
Key support: 880-*860 / *850-830 (880 taken out once; major levels at 860 & 850)
Key resistance: 900-920 / 940-960 (900 has failed, new potential support area; 920 has held multiple tests, could be weak)
Reversal signal: Upthrust (on decreasing volume) into the 200 EMA & 920-930, confirmed with exhaustion and rejection. Expect acceleration to key support in these circumstances. On any other test of 920, expect a potential breakout to 940.
In other circumstances, enjoy watching goxbot lead the world.
Cheers. Have a good #MarketParty ya'll.
We did not see the upthrust, exhaustion, and rejection we were looking for to confirm a reversal. The last few hourly volume bars into this zone were in fact bullish, indicating a test could be carried by the market. Furthermore, all sideways movement into this level contributes to bullish sentiment as the zone is no longer considered extreme in the range.
The short term channel is broke and may now provide support . The next test area to watch appears to be the upper range of the medium term channel. The 100 and 200 EMAs are also here and appear to be in play.
My bias is still sell this moment but I'm seeing bullish activity into these zones (or what is masked as bullish activity). With volume this low, make of it what you will, but I'm not ignoring it. Remember, using TA in super low volume environments is anyone's guess and may lead you right into a smart money trap.
What we know:
Key support: 880-*860 / *850-830 (880 taken out once; major levels at 860 & 850)
Key resistance: 900-920 / 940-960 (900 has failed, new potential support area; 920 has held multiple tests, could be weak)
Reversal signal: Upthrust (on decreasing volume) into the 200 EMA & 920-930, confirmed with exhaustion and rejection. Expect acceleration to key support in these circumstances. On any other test of 920, expect a potential breakout to 940.
In other circumstances, enjoy watching goxbot lead the world.
Cheers. Have a good #MarketParty ya'll.
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