I may still do a video update for you guys. If you saw my last video on SPY
and you decided to take the long position it may be wise to think about taking profit.
The daily chart has a couple different gaps in the chart.this is significant because gaps have an incredibly high success rate on all charts and timeframes. This includes the bitcoin cme futureschart, so crypto is no exception to this mysterious rule. The yellow circles show the daily chart gaps. The blue circle shows a gap on the 4hr chart as well
We are sitting between the golden zone and the 78.6 fibonacci retracement zones on the way up. This zone is a powerful computer algorithmic meaning people will be taking profit here.i have demonstrated many times how important these zones are in my video analysis.
We broke below the 200 exponential moving average (in white) on the daily timeframe and below the 55 ema on the weekly timeframe (not demonstrated in this chart snapshot). Its very rare to see an asset retest these moving averages and hold above on the first try.more often than not we make an attempt to stay above them and fail.
I would not be opening up any long positions or buying calls here.its too risky. There is less risk on the short side of the trade. If you are a bull I would sit in cash and wait to see if we break above the all time high. Cash is also a position so dont ever be afraid to wait on the sidelines. All signs point down to 226 again. That is the 89% fibonacci zone and coincidentally the gap on thedaily timeframe . This is an area of confluence and the reason why my green box is down there. The red boxes are bull trap regions at key fibonacci zones.
The MACD on the monthly timeframe is still bearish and trending to the downside.the monthly rsi divergence shows further bearishness as well.
The 15minute chart shows a lot of overlapping elliot waves (ending fifth wave diagonal) that are signaling a topping pattern.
Good luck and happy trading guys and gals.sorry I've been M.I.A. hope to be back up and running soon with more educational content.take care and remember to take the trades with less risk and more reward, theres thousands of charts out there.if the trade doesnt look awesome find another asset
Rigo
and you decided to take the long position it may be wise to think about taking profit.
The daily chart has a couple different gaps in the chart.this is significant because gaps have an incredibly high success rate on all charts and timeframes. This includes the bitcoin cme futureschart, so crypto is no exception to this mysterious rule. The yellow circles show the daily chart gaps. The blue circle shows a gap on the 4hr chart as well
We are sitting between the golden zone and the 78.6 fibonacci retracement zones on the way up. This zone is a powerful computer algorithmic meaning people will be taking profit here.i have demonstrated many times how important these zones are in my video analysis.
We broke below the 200 exponential moving average (in white) on the daily timeframe and below the 55 ema on the weekly timeframe (not demonstrated in this chart snapshot). Its very rare to see an asset retest these moving averages and hold above on the first try.more often than not we make an attempt to stay above them and fail.
I would not be opening up any long positions or buying calls here.its too risky. There is less risk on the short side of the trade. If you are a bull I would sit in cash and wait to see if we break above the all time high. Cash is also a position so dont ever be afraid to wait on the sidelines. All signs point down to 226 again. That is the 89% fibonacci zone and coincidentally the gap on thedaily timeframe . This is an area of confluence and the reason why my green box is down there. The red boxes are bull trap regions at key fibonacci zones.
The MACD on the monthly timeframe is still bearish and trending to the downside.the monthly rsi divergence shows further bearishness as well.
The 15minute chart shows a lot of overlapping elliot waves (ending fifth wave diagonal) that are signaling a topping pattern.
Good luck and happy trading guys and gals.sorry I've been M.I.A. hope to be back up and running soon with more educational content.take care and remember to take the trades with less risk and more reward, theres thousands of charts out there.if the trade doesnt look awesome find another asset
Rigo
Note
I forgot to mention there is a daily gap at approximately 330 on the way up on the daily timeframe. This will be very important as well. We may see a violent attempt by the bulls soon to fill this gap.i would have orders up the on the short side.
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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.