Cron 23mar2019 update @cryptoKnee2 counts, left is weekly and right is daily for each count. Think we coming down for the 4, we are at some channel and PF fork resistance/support, but they are just imaginary lines. Could go deeper then the .5 potentially depending on the market over all. It my go as deep as 15 dollars ish. Deeper than that or even more time sideways may call for a recount. Monday will be telling, me thinks.
CRON trade ideas
Reality check comes early for CronosToo much hype with no fundamental basis for price action. Tilray dampened the party this week with their dismal earnings but Cronos will send everybody to the exits come Tuesday. I'm actually surprised we got this move in the sector so soon. If you look at the Daily we have lower highs slowly turn to a retest of support. We broke two major trendlines the past two days and closed below the daily 50sma and the 19.48 pivot. A lot of the talk around these stocks is similar to what was seen on crypto pre crash "to the moon, lambo soon" etc etc. The daily charts like Tilray's look very similar to Bitcoin from November 2018. Long term the cannabis sector will be profitable but like crypto we need to see further pullback to justify a buy. look for consolidation or slight move up on Monday but I see nothing but a drop on earnings. It's always risky to hold trades going into earnings, be careful with your risk.
CRON Wave AnalysisAs charted in today's YouTube video, full details on how I arrived to the counts there.
Cronos is one of the older assets in a young market. On a long term view, I believe it's in the final waves of it's current cycle. However, that doesn't mean that it can't make significant new highs. It appears to be forming a flat continuation pattern here. With fundamentals coming into play, pot stocks could well be the next parabolic rise. Overall, the equities within the market have yet to break market structure of higher highs. Once that market structure is broken, I would expect a multi-year bear market. However, for now, fundamentally, I don't see how it would start today.
To play the flat, look for a confirmed lower low on low time frames to draw a downtrend line similar to the blue one pictured. Look for a break of that downtrend and buy any consolidation.
CRON giving notable bear signalsDaily EMAs on CRON are notable to me as signs of weakness. The daily chart is a choppy mess and I will likely stop making daily CRON videos until we get more discernible patterns because trading chop is a recipe for losing money. If we break our supports we are looking into potentially hourly oversold conditions
CRON looks to have set it's daily lower highCRON is likely to test low of today as support first thing tomorrow, If we lose that we're looking down at a test of our support zone in the mid $20 range, otherwise we will likely form an hourly equilibrium with a lower high compared to the high of today. CRON is on watch for a beak of pattern this week
CRON bulls looking to change the hourly trendCRON bulls are attempting to change the hourly trend after building a base of support in the mid $20 range over the past couple of weeks. Friday daily inside bar levels are the key levels for me on the short term, before testing either support or resistance within this daily equilibrium
Long on CRONLooks like a bullish flag on CRON that could look for a breakout short term. Orange lines drawn using the daily candles, right now it could be an ascending triangle unless it breaks down to the bottom support and takes on a more channel-like consolidation before moving up. Blue lines drawn reactive to 4hr which looks more like a symmetrical triangle before breakout.
CRON downtrade puts hourly oversold on watchCRON has lost the daily higher low pattern and resides in an hourly bear flag setup. If we get an aggressive push down tomorrow I'll start scouting for the potential of an hourly oversold bounce. In my opinion CRON is the reason the restof the sector had lacklustre continuation on their bounces from Friday