1. S & R - Hard to indicate where the market will go.
2. RSI - Has shown that the market was over bought recently. Now the market has pulled back into the channel and stabilized
3. I would wait til there were more indications
1. Daily and 4 Hour S & R - indicates that the market is ranging
2. RSI has recently shown that the market was over bought and there was a pull back. There a pattern where the coin stays within the channel and becomes neutral.
3.I placed an upwards trend line but I reckon it'll break and continue in a ranging pattern
Please don't follow my TA. This is for...
After drawing up my S & R's, I noticed that my 4 hour support could be placed higher. As I placed it higher, I could see a bearish triangle and had placed a downwards trend line to wear the support would be. Depending on where the next set of candles would be, would determine if it would be a good short entry point or the direction of the market would be ranging....
A lot of indecision happening. I can see that this is currently a ranging market. I viewed the latest candle stick from weekly to see where the market was going but didn't give a clear indication. I wouldn't enter until there is a clear indication. If I were to trade, it would be long and I'd try and catch it at the bottom where support is or wait til it hits...
Holistically in the last month there was a downward trend. Buyers broke through downward trend and resistance.
1. Identified a bearish engulfing at the start of the downward trend.
2. Noticed a ranging market in the lower S & R
3. Price is currently respecting S&R
Undetermined of where the price will go based on my indicators. Would probably need to revise...
Based on S&R, I can see that the ranging market is respecting the trend. I believe that price will bounce off support.
1. Noticed a slight double top and bearish tweezers head (Candle stick)
2. Predicted good entry point once the market its support and becomes bullish
