Cautious Longs
Updated
The pressure seems to have released on the 1D chart. Momentum dropped bearish, and we had a dump of a few hundred dollars. Notably, we bounced exactly off the 50 day MA when we dropped.
The 12h momentum wave is already curling back up, and we may well see a bullish cross when the next 12h candle opens, but that won't confirm for nearly 24 hours.
Of particular interest right now is the 2h chart. It has both an inverse head and shoulders on MarketDecryptor B, with a bullish tilt on the shoulders. But also, there's an exaggerated bullish divergence. Seems like a reasonable punt on a long here. Because of the wandering price, I'm prepared to DCA down to the 50D MA.
Manage your risk, people :)
The 12h momentum wave is already curling back up, and we may well see a bullish cross when the next 12h candle opens, but that won't confirm for nearly 24 hours.
Of particular interest right now is the 2h chart. It has both an inverse head and shoulders on MarketDecryptor B, with a bullish tilt on the shoulders. But also, there's an exaggerated bullish divergence. Seems like a reasonable punt on a long here. Because of the wandering price, I'm prepared to DCA down to the 50D MA.
Manage your risk, people :)
Note
The crappy money flow is keeping things a little subdued. Need some positive transaction flow. It is the grass on which the bulls graze :)Note
Caution be damned :)Trade closed: target reached
12h momentum wave called it perfectly.
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