Since publishing the long idea in late August at $4.29 (orange circle) price action has zoomed up 1000%. Not bad. A number of reasons now exist to be short. They include:
1) Price action has arrived at significant support and resistance, $41.
2) RSI is @ 95 on the 5-day, 97 on the weekly chart. The highest in the history of this chart.
3) Price action is four sigmas from the Bollinger Band mean. Four! (see 5-day chart below). How significant is this? If you’re a probability nerd like myself, you’ll know. If you should take away anything from this it is, Price action will ALWAYS interact with the Mean 90% of the time (the orange middle line). Right now that price is $11.
4) Some other reasons said elsewhere.
Is it possible price action keeps going up? Sure.
Is it probable? No.
Ww
Type: trade
Risk: 2-3%
Timeframe for short: Couldn’t say
5-day Bollinger Band
1) Price action has arrived at significant support and resistance, $41.
2) RSI is @ 95 on the 5-day, 97 on the weekly chart. The highest in the history of this chart.
3) Price action is four sigmas from the Bollinger Band mean. Four! (see 5-day chart below). How significant is this? If you’re a probability nerd like myself, you’ll know. If you should take away anything from this it is, Price action will ALWAYS interact with the Mean 90% of the time (the orange middle line). Right now that price is $11.
4) Some other reasons said elsewhere.
Is it possible price action keeps going up? Sure.
Is it probable? No.
Ww
Type: trade
Risk: 2-3%
Timeframe for short: Couldn’t say
5-day Bollinger Band
Trade active
Comment:
At this rate the target shall be accomplished in the days ahead.
Trade closed: target reached:
Touched 17.30, good enough.
Trade active:
Although the target was already achieved it is about to happen again. Thought you all should know because there is a ridiculous number of long ideas out there.
2-day
2-day
Trade active:
(again).
Trade active:
GRM resistance confirmed.
Trade closed: target reached:
Wait for price action to fall below $8 before entering the consolidation area as shown below.
5 day
5 day
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: www.patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: www.patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR