NINE out of TEN possible bullish divergence flags @ 2HR
Just thought I'd share a chart. I love ichimoku for a single free indicator and the ema's with this one are great for extra support and resistance lines. Twice we hit the same 200 ema but I wanna show the huge 2hr divergence flag here to support the harmonic pattern stop loss just above 8k. You can see how the dips are being bought up and more importantly this massive set of divergences. You can't really see the ichimoku but I had to move the scale and you still can't see all of the flags. 9k was a good take profit from the last couple dips as predicted and it tired out the bulls quite a bit as we are still in a period of volatility but I don't see another dump coming soon. I'll look at bigger time frame charts again to confirm but the overall bullish sentiment hasn't changed since the halving. Remember that historically the last halving came with the mtgox hack while this halving comes with a pandemic. Good luck and do your own research!
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In case anybody is following these ideas I'll let you know I prefer to avoid exact price points because it encourages lazy trading and people will inevitably do poorly just following someone else's trade set ups. I'll mostly stick to direction and timing and leave it to others to find meaningful support and resistance lines. There are often so many between harmonic patterns, trend lines, historical S/R and fibonacci levels it's hardly worth trying to pick a target. Do your own research and risk management, take profit when you think it's prudent and remember it's better to miss profit than lose principle
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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.