Square, SQ - Time for pull back?
Updated
Lets keep it simple!
Square has been doing great, but what goes up must come down. Is that time now? Lets see...
Besides SQ selling BTC this year giving it a jump in revenue, we can see it may have topped out at 70 for now. I don't really have any doubt in my mind about it reaching the 236 around that 55 - 57$ mark, bouncing to a possible double top around 64$ as shown with the first buy and sell zone Ive set. I have more concerns of the end of the year outlook.
If this plays out, I believe we could see a massive drop to potentially the 618 at that juicy 32$ area. Like most of the charts I've been posting, I think we may be in for a all around drop around new years. This doesn't mean im bearish long term, I believe SQ is going to be great in the future, but I like to buy and sell a bounce. We will need patients for this play.
You can see the sell signals stacking up for the second month in a row with godmode, which I dont completely like to go off of, but its there.
We also have momentum changing on the DAILY, which ill be watching for a momentum change before making my next update.
Theres not much else to say about SQ, considering its up over 600% since a year and a half, a pullback doesn't seem out of the question. Earnings coming up in August will give me a much better idea as to which direction we could be heading.
Follow for updates! Happy Trading, debating and speculating!
Square has been doing great, but what goes up must come down. Is that time now? Lets see...
Besides SQ selling BTC this year giving it a jump in revenue, we can see it may have topped out at 70 for now. I don't really have any doubt in my mind about it reaching the 236 around that 55 - 57$ mark, bouncing to a possible double top around 64$ as shown with the first buy and sell zone Ive set. I have more concerns of the end of the year outlook.
If this plays out, I believe we could see a massive drop to potentially the 618 at that juicy 32$ area. Like most of the charts I've been posting, I think we may be in for a all around drop around new years. This doesn't mean im bearish long term, I believe SQ is going to be great in the future, but I like to buy and sell a bounce. We will need patients for this play.
You can see the sell signals stacking up for the second month in a row with godmode, which I dont completely like to go off of, but its there.
We also have momentum changing on the DAILY, which ill be watching for a momentum change before making my next update.
Theres not much else to say about SQ, considering its up over 600% since a year and a half, a pullback doesn't seem out of the question. Earnings coming up in August will give me a much better idea as to which direction we could be heading.
Follow for updates! Happy Trading, debating and speculating!
Trade active
Trade still going as planned. Small update and closer view below.Sell signals are present and momentum still bearish.
Trade active
Its creeping towards the zone. Ive drawn my yellow brick road bounce to the buy zone idea. I wont trade on this first yellow brick road bounce, its just something to watch out for as we reach our destination.Trade active
still waiting for the pull back.is following the direction of my yellow brick road fairly perfect. sell off soon?Trade active
still waiting. we have sell signals on the daily, with momentum dying off as well.lets see how it plays.
Trade active
with no top found to this moment, I will have to wait on this chart for further indicators. End of the year will have more answers to if my levels will be reached. must wait until then.These are 2 new buy and sell zones adjusted with the new high, if you were in SQ already, you didnt loose on my last graph, nore did you gain, as the entry levels were never reached.
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