The formation flipped from Distribution to Accumulation. I've covered my short position and I am looking for an entry to go long. More detailed write up later
Comment
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EDIT: The trade volume (or lack thereof) and the gravestone doji on the monthly simply reinforced my bearish leanings. Re-entered a short at $9,165.00 with stops at $9,280.00. I simply cannot see how price support will remain with such anemic volume and price spread.
SP500 also got an UT but rejected at 3080, indeed the shorts should be on their toes but having a more aggressive style, i rather watch it unfold while still being in the position. You took a safer path and nothing wrong with that, thank you
FOFAgent1
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@badcatchero, Thanks for checking out the quick upas Phase C anbddate and the feedback. I appreciate it. I did take the safer position and locked in profits. My thoughts are I will look to take another position in Phase C or D as things play out. I still have a bearish bias because the volume profile is not what I would expect and the lack of a follow through after the Sign of Strength from the Upward Thrust appears to be a very telling sign. I'm sure another position will present itself. Happy trading and thanks again for the comment.
UnknownUnicorn3984200
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@FOFAgent1, yeap. Covered at 9230 sensing another move up. Should we long from 9280?
heish
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I do not see any reason to cover yet.
Volume has been low since the last days, signaling exhaustion of demand. Agressiveness is nowhere to find, it is more like upwardthrusts bringing price towards resistance. We did not get a valid buy signal, means large accumulation, yet. Will be waiting for behavior at or around lows for confirmation.
Indeed the ending of the month might impact the price since it will be looking for nearby resistance. Yet i believe the upside potential will be limited to the 9300-400 area.
FOFAgent1
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@heish, I agree the volume is not what I would expect on a robust Accumulation. However there are a few things coming into play which ultimately led me to just take the profit I had in the short position: (i) Upward Thrust to the top of resistance, followed by a textbook Back-Up/Last Point of Supply being printed to the lower line of resistance suggesting a move up may be in play and, (ii) the failure of the formation to exhaust the full cause from consolidation at the Selling Climax before entering into Accumulation again after a clear break of the Lower Support line.
The plan is to see how things play out with Bitcoin in the current trade range, and take a position once things become a bit more clear. I have a Limit Buy at $9,281.00 if the formation moves up. if the formation moves back up ad $9,320 or $9,400 prove to still remain resistance, I can always sell my long for break-even or small profit, re-enter a short position and ride it down. If the formation decides to fall below support, I can always enter a position there and ride it down as well. My bias still remains a bit bearish, but ultimately I let the trend determine my trade strategy.
heish
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@FOFAgent1, I see! Makes sense. I am just looking at the daily, I am not that flexible with my positions.
best of luck for re-entry!