Yeah… beginning of last week was impressive and sadly I didn’t expect this, but lost possibility is better than to be in wrong side of the move.
For rest of the week market has drawn us Broadening Wedge pattern. This is trickiest wedge to trade, but often, after extended moves, it occurs to be reversal pattern. Plus, we have resistance level 7700-7800 from last...
(Badges: a= 24h/50MA; b= 6h/50MA; c= 12h/50MA; boxes are week wide)
Subject tells everything… Bull’s need to do hard work and starting from Monday.
The aims for bulls are to find strength in this green box (if bears are wakening up) and then to brake 50ma for 12H, 4H, 6H and 24H in row… without no motivation (= no positive momentum).
Good Luck with that!
Will...
By momentum theory aggressive bulls could buy in this yellow triangle with stop below 6060, because last bottom was made with higher momentum and there are hidden bullish divergence between X and Y points.
BUT …..
Bitfinex short/long indicator shows, that both Bears / Bulls are buying, but market goes down = means Hodlers are selling.
Where we get fuel for this...
(Badges: a= 24h/50MA; b= 6h/50MA; boxes are week wide and green box bottom is this week bottom)
Trading tactics: If we follow the marsh to “a”, then the red box is sell area, if we retrace below red line, look for buy options.
NB!( if we will brake green box bottom and close below it; then ….. sell, sell, sell)
