⭐️ The Market Draws a Trend ⭐️ Continued ⭐️
⭐️ Hi! This idea won't take too long, it's late night after all and I simply wanted to make a quick follow up before I caught some much needed sleep for the night, thanks for tuning in as always, we'll keep things short.
⭐️ Following up from my last idea which is linked and showed in the chart below we did highlight this new channel that's formed following that flash crash we got hit with at the start of the month and that's given us some insight as to what we we're possibly facing and seems that traders did in fact take the action once we lost our ascending channel.
⭐️ In our previous idea we called on the fact hat 0.55 and 0.56 respectively we're some pretty good support levels and that you guys should put up some alerts and curiously enough we did get that drop down to 0.56 with the wick's extension still representing the strength we've got there. I said it in the last idea and I'll reiterate it, even with the support showing and all that doesn't mean 0.55 and 0.56 are the bedrock bottoms for us, the risk for more downside is always there just as there is the fact that at any moment we could have some news and get a crazy jump, you simply never know.
⭐️ What we do know though is that since our exit from the ascending channel in which we also lost the 200 EMA we've been in this descending channel and chances are more than likely traders simply want to see which way we break out from this one. I don't see this descending channel having as big of an impact as our ascending channel, the ascending channel carried a lot of strength with it, especially thanks to our bottom after the flash crash but our current channel feels more minor and more likely than not in the next few days or even tomorrow we could get a breakout to the upside.
⭐️ Since the formation of this channel we can see how bulls have managed to keep price from slipping further out of the channel, I did add in a little black arrow to point out the spot where we can especially see that. Personally I'm looking out for a breakout to the upside and out of the channel but if we keep getting rejecting whilst trying to break out expect some more of a tug a war till we get a break one way or another. And below is the chart with the descending channel.
⭐️ That's the main thing for now, I'll leave it there but I appreciate you guys stopping by as always and wish the best till next! Let's simply keep positive and keep faith as always in ourselves and avoid stressing over things, take some time, have some tea and make sure you give yourself the 'you' moment today that you deserve.
~ Rock '
⭐️ Following up from my last idea which is linked and showed in the chart below we did highlight this new channel that's formed following that flash crash we got hit with at the start of the month and that's given us some insight as to what we we're possibly facing and seems that traders did in fact take the action once we lost our ascending channel.
⭐️ In our previous idea we called on the fact hat 0.55 and 0.56 respectively we're some pretty good support levels and that you guys should put up some alerts and curiously enough we did get that drop down to 0.56 with the wick's extension still representing the strength we've got there. I said it in the last idea and I'll reiterate it, even with the support showing and all that doesn't mean 0.55 and 0.56 are the bedrock bottoms for us, the risk for more downside is always there just as there is the fact that at any moment we could have some news and get a crazy jump, you simply never know.
⭐️ What we do know though is that since our exit from the ascending channel in which we also lost the 200 EMA we've been in this descending channel and chances are more than likely traders simply want to see which way we break out from this one. I don't see this descending channel having as big of an impact as our ascending channel, the ascending channel carried a lot of strength with it, especially thanks to our bottom after the flash crash but our current channel feels more minor and more likely than not in the next few days or even tomorrow we could get a breakout to the upside.
⭐️ Since the formation of this channel we can see how bulls have managed to keep price from slipping further out of the channel, I did add in a little black arrow to point out the spot where we can especially see that. Personally I'm looking out for a breakout to the upside and out of the channel but if we keep getting rejecting whilst trying to break out expect some more of a tug a war till we get a break one way or another. And below is the chart with the descending channel.
⭐️ That's the main thing for now, I'll leave it there but I appreciate you guys stopping by as always and wish the best till next! Let's simply keep positive and keep faith as always in ourselves and avoid stressing over things, take some time, have some tea and make sure you give yourself the 'you' moment today that you deserve.
~ Rock '
Related publications
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.