Resistance needed to be broken: 6300s range
A daily close above 6300 would indicate we're not going to fall to mid 5000s this week. A daily close above 6400 means 6800 automatically, believe that.
Hedge short above 6300 or 6400.
A daily close above 6300 would indicate we're not going to fall to mid 5000s this week. A daily close above 6400 means 6800 automatically, believe that.
Hedge short above 6300 or 6400.
Comment:
Comment:
After the first volume explosion on the 4 hour candle, volume has tapered off and does not support the current uptrend as confidently as I would like.
Highlighted with a white circle: Guppy is showing trend exhaustion/possible reversal with the first MA expanding far out.
RSI: The last time RSI was above 80 was in April; price dropped ~7% (right after going up 7% mind you)
If not in position: look to long around 6577
If in late position: look to reduce and relong lower
If in great/early position: hedge it
If already hedged short: hold it or reduce on drop
If bearish: look into getting a short now in case the daily black rectangle resistance does dump price
Hedging can apply to the first two scenarios but you run the risk of getting chopped both ways at this point unless you have a bias towards an even lower price range. Overall I am still bullish on price hitting above 6800. What would change my mind is hitting under 6200 (lol I know very wide range)
Highlighted with a white circle: Guppy is showing trend exhaustion/possible reversal with the first MA expanding far out.
RSI: The last time RSI was above 80 was in April; price dropped ~7% (right after going up 7% mind you)
If not in position: look to long around 6577
If in late position: look to reduce and relong lower
If in great/early position: hedge it
If already hedged short: hold it or reduce on drop
If bearish: look into getting a short now in case the daily black rectangle resistance does dump price
Hedging can apply to the first two scenarios but you run the risk of getting chopped both ways at this point unless you have a bias towards an even lower price range. Overall I am still bullish on price hitting above 6800. What would change my mind is hitting under 6200 (lol I know very wide range)
Comment:
BITCONEEEEEEEEEEEEEEE!!!
I've closed my hedge at a loss and will be adding to long on dips and taking profit on peaks. Possible 77 for position reduction and a add at 75-76
I've closed my hedge at a loss and will be adding to long on dips and taking profit on peaks. Possible 77 for position reduction and a add at 75-76
Comment:
Targets met, watch for consolidation at 7600+, daily close above 7580 for easy bullish continuation. Hold hedge at this point, look to reduce longs if things get dire. At the moment it looks like pullback from an expected resistance, nothing too bad yet.
Comment:
Daily close wasn't too great. What I'm reading from this:
Longs have closed in profit, but overall short volume did not increase, either. This points to bids moving lower for more profit and asks having to chase downwards; that would include both longs trying to close and shorts trying to open. Guppy overextending shows a definite drop incoming rather than pump. Overall price should decrease but movement is still bullish with an invalidation underneath 6700.
The reasoning for reducing long position rather than close it completely is that ideally price wouldn't reach down so far to initial entry. Too bad I didn't get a fatty short up top and only reduced.
Longs have closed in profit, but overall short volume did not increase, either. This points to bids moving lower for more profit and asks having to chase downwards; that would include both longs trying to close and shorts trying to open. Guppy overextending shows a definite drop incoming rather than pump. Overall price should decrease but movement is still bullish with an invalidation underneath 6700.
The reasoning for reducing long position rather than close it completely is that ideally price wouldn't reach down so far to initial entry. Too bad I didn't get a fatty short up top and only reduced.
My published indicators: www.tradingview.com/u/NeoButane/
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)