CRON at 52-week low on intraday RSI levelsCRON has the lowest hourly and 4hr RSI levels we've seen in a year, but we're not expecting a bounce until CGC and SPY find their new supports and bounce
CRON trade ideas
CRON: This is coming down to $18There is no doubts. Trend has been broken and will see this 1st thing on Monday. Reporting earning on Tuesday, 26th March (I think) bmo.
This is a sure bet but again don't follow anyone blindly. Do your own dd.
My play on Monday will be:
Apr 5th: 18P
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 IB bull break not convincingNew key support level is the low of Thursday but I see red flags here for the bulls unless we get a significant uptick in volume
CRON $30 WIN WIN WIN! NASDAQ:CRON
I can get a high off herb and off the $$ to be made off CRON hitting $30, on my BIRTHDAY. Exit at $35 the latest tell FRIEND FRIEND FRIEND!
I picked me up some wicked wild CRON July 19 call option strike $23, $24, $25, collect em all!
CRON DailyNASDAQ:CRON
AS Cronos tries to get back to the ascending triangle, notice the money flow getting better. Although the volume has been almost non-existent.
Watchlist**
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.
Boom or BustCRON bouncing off the bottom the channel with less volume than ever before. Failing to hold the 4HR 50MA. Perhaps a good buy is at first low of the channel, off the 100 MA and around the $19.00 mark?
Boom or Bust?CRON bouncing off the bottom the channel with less volume than ever before. Failing to hold the 4HR 50MA. Perhaps a good buy is at first low of the channel, off the 100 MA and around the $19.00 mark?
CRON - Head and shouldersGiant head and shoulders after a parabolic rally broke..looks like bitcoin after 20k. Short this ponzi if it breaks the neckline...good luck
up then down - RARE three drivesPERFECT three drives pattern setup w/ 1.27 fib. Looks like it will have a sucker's rally up to the high then dump on retest. Looks like there's no way daily RSI won't diverge at that point. Watching this one closely as it's a rare pattern.
CRON daily upper wicks suggest another support test in the cardsCRON hourly chart broke resistance but bears smacked the price back down. Watching for another test of our 20.53ish level tomorrow potentially, given the weak close. This level is a zone of support, and is a 4x bottom on the daily now
CRON bulls defending mid $20 range, IHNS on watchBulls are watching an hourly inverse head and shoulders pattern to give confirmation that $20.53 is our new daily higher low, after defending this level on four different days in the past couple of weeks.
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
Cron possible Bull count, Weekly and daily @cyrptoknee A couple of counts possibly leading us to the same place...up. Have not dove into the bearish count yet.There is a bear count.... Short term down..then long.
$CRONLooks like an ascending channel, and we got a higher low. So I assume we could go up again to test the upper channel resistance but volume is weak. A breakdown of both Meso & Trendline support could take us to 18 ish level.
CRON has a weaker setup than other majors on the hourlyCRON has a weaker daily candle than other major names int he sector, and has a weaker hourly setup than most other names as well. Surprising, as it's been a lead bull over the past couple of months
