New trend or continuation south?
Confluence zone support a bounce
-Fib level retracement 0.786
- Support/resistance level
- divergence on indicators
- crossed overall downtrend line
- can only reject off $10,000 so many times- will the next touch of $10K break thru? ... I think so
Cons
-downtrend- lower highs and lower lows-
- low volume-
DANGEROUS to go against the trend- currently downtrend
-longterm trend = downtrend
-mid term trend = uptrend (consolidation triangle)
-short term trend= downtrend
BUT Low risk play- if wrong exit immediately (local Support and resistance provide information) and look for south movement- next target approx $6500. Heard something of Weinklevos ETF on Monday- not putting much hope in it but if passes news would support bounce.
Confluence zone support a bounce
-Fib level retracement 0.786
- Support/resistance level
- divergence on indicators
- crossed overall downtrend line
- can only reject off $10,000 so many times- will the next touch of $10K break thru? ... I think so
Cons
-downtrend- lower highs and lower lows-
- low volume-
DANGEROUS to go against the trend- currently downtrend
-longterm trend = downtrend
-mid term trend = uptrend (consolidation triangle)
-short term trend= downtrend
BUT Low risk play- if wrong exit immediately (local Support and resistance provide information) and look for south movement- next target approx $6500. Heard something of Weinklevos ETF on Monday- not putting much hope in it but if passes news would support bounce.
Note
bottom of pattern- what will follow? I'll try to not be attached to my " overall market directional bias"Bounce (north) or pattern break (south)?
Caution leads to successful trades/career.
Overconfidence leads to large losses. As the time of peak overconfidence, will lead to over sizing and unwillingness to get out of incorrect positions.
Note
bullish engulfing candlestickgood sign- But candle needs to CLOSE bullish for confirmation
Note
looks like Bottom of pattern could be set.Indicators support upward movement
As long as holds a higher low above $7000- look to the the top of the pattern for short term target price
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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.