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Into the latticeI feel as though we have lost confidence in the 230's, which is a shame as it would have been super bullish to hold that valuation. alas, we must move forward despite the direction. Let's say we fall for a bit, what shall occur. Well as you can see, we have a strong lattice of long term post covid support meeting with previous descending resistance lines, each of which requiring confirmation (assuming we dont blow right through them in which case feck your confirmation) Considering the fact that for 2 dumps in a row (June 2nd and June 11th) we transcended the 230's, albeit very shortly, I am going to assume we wont spend much time within the 220's given how crypto usually performs. If we break 230's again, I would just write the 220's off and start your accumulation in the 210's. Set some low limits, maybe some "get-me-lucky's" that only get filled during huge dumps, because as we have seen before in crypto, momentum downwards sometimes just meas more momentum upwards. Now, if we hit the 200's that is when we will have to take further analysis. In my chart, I mention it not necessarily being bearish. This is true because of a couple factors, both psychological and fundamental. 200 is a lovely round number, and the human psyche gets drawn to it like a moth to a flame. It will be valued, and any time spent below it (within reason) will likely be nano-term. What will matter more at that point is how we bounce, because let me tell you: Any retrace to the 200 level will be eaten up quicker than you can say "stop loss". If you are shorting, I would set a trigger no higher than 235.45, however I am always hesitant with setting stops too early before I get a grasp on the strength. Sometimes we just float downwards lazily and the short wouldnt even be worth the stress. But I dont think we will trade 240's (in a healthy way) again until we have re-confirmed that <230 is off limits, which it may very well not be. Cheers lads
COINBASE:ETHUSD
by BingoMoney
1
Your Simple 2020 Corona GuideHello all, This analysis is on the SPX weekly, this last trading week (2/24-2/28) was one of the bloodiest in the history of the stock market. Facts: -The drop is due to Corona virus fears and the economy slowing down as the world quarantines itself off. -The price difference tool indicates a -15.90% drop on the SPX if we measure from the very top at around 3390 to the bottom at about 2860. Unknowns: -Is this drop simply a correction resulting from retail pumps from communities like r/wallstreetbets? -Or is this drop the start of a full blown recession which could last months or years? Correction or Recession! The Chart: -The top blue line is is the overhead resistance, it has been respected since at least 2013. -The bottom red line is the lower support line and has been respected since 2009. -Think of the word "respect" in the context as a propensity to not want to cross. - The green line is a shakier support, not as solid as the red or the blue, observe that it HAS been crossed. The Play: -These upcoming weeks will be critical for determining what action should be taken going further. -From the chart we can see that the violent drop to 2850 was bought back up to 2950 by the close of the trading week on Friday. -This is a fairly strong bounce and evidence for at least a temporary consolidation at these levels. -This is also evidence for a correction option over a recession option. Wait until mid next week, if the green line has been violated again then start thinking about selling. I suspect we will hang in these levels for a bit. If the red line gets broken next week sell everything and head to your prepper house ASAP cause this ship going down. HOWEVER -This is about the only evidence for a correction. -The fundamentals look really bad, the handling of this so far in the media does not look promising. -This is because of the nature of the virus to be able to have carriers with no symptoms who spread the virus unknowingly. -I personally think Trumps recent handling of the virus threat (his comments that the virus might be used as a partisan tool) is going to spook the market. We will see on Monday. Final Thoughts -Right now there is evidence that we will probably bounce in between 2800 and 3000 for a few weeks. -If we don't start moving out of the 2800 and 3000 range in a few weeks start thinking of a sell plan. -If 2560 breaks sell everything. If your gambling the buy some puts with a September exp, wait a week or so to do this premiums are really high now.
TVC:SPXShort
by jwbatchelor89