https://www.tradingview.com/x/UAJJPeyo/
K3 close upon the downtrend line under low volume.
It seems that the supply pressure had dropped to the lowest level.
The problem here for the bull force is lacking enough demands to verify the bullish momentum.
If the demands keep at such low level,
The market couldn’t go far.
If the following candles successfully close upon the resistance,
Or the following candles successfully retest the downtrend line to find enough demands there.
It will be a good place to increase long-term positions.
At least,
K3 should close upon 61080 USDT first.
On the other hand,
If the the following candles close below the potential support,
The risk will sharply increase.
If the supply pressure at the resistance is too high,
It will be a good place to decrease long-term positions.
K3 close upon the downtrend line under low volume.
It seems that the supply pressure had dropped to the lowest level.
The problem here for the bull force is lacking enough demands to verify the bullish momentum.
If the demands keep at such low level,
The market couldn’t go far.
If the following candles successfully close upon the resistance,
Or the following candles successfully retest the downtrend line to find enough demands there.
It will be a good place to increase long-term positions.
At least,
K3 should close upon 61080 USDT first.
On the other hand,
If the the following candles close below the potential support,
The risk will sharply increase.
If the supply pressure at the resistance is too high,
It will be a good place to decrease long-term positions.
Note
K3 verified a fact that the newly born uptrend expanded and demands increased.
But the volume is still at low level.
It seems that the bear force had not totally surrendered yet.
So, it is possible that the following candles fall back to test the support or 0.5fib area.
I will try to buy it there.
Long-60900/Stop-59900/Target-69900
Note
After K1 breaking up the neck line,
K2 tested the line under high volume.
The demands increased.
It seems that the following candles will keep pricing up to test the resistance.
So, it is good place to increase long positions here.
If the following candles fall back to test 0.382fib area,
It is also a good place to buy it there.
Long-65515/Stop-64900/Target-69000
Note
K2 close upon K1 under high demands,
But unfortunately, the strong bullish momentum had been interrupted by K3.
K3 verified a fact that K2 had turned to a bearish hang-man pattern.
The problem for the bull force is increasing high supply pressure.
So, a consolidation or sharp price correction is expected.
I decreased my long positions at K3,
And I will try to buy back at 0.5fib area or the support(at about 60K).
Note
After K2 verified a bearish hang-man pattern,
K3 keeps falling.
If the following candles fall to test 0.5fib area,
I will try to buy it there.
Note
K3 close upon the resistance under increased volume,
It verified a fact that the newly born uptrend had expanded,
So my previous concern about the market was totally wrong.
It is very likely that the bull force fully controlled the market.
I bought at K3 to establish my long-term positions.
Long-66188/Stop-63834/Target-71000
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.
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.