This call is kind of a risky deal to be honest, but I will attempt to explain it. I think we do have some bouncing to do within the 9k-8700 price range, simply because it's in a continuation model and also because we seem to be getting at least some moderate buying here, and thirdly there was technically a double bottom at 8700. Also if you look closely, that move would complete a bearish harmonic butterfly pattern as well...
4hr Ichi clouds are above us, my indicators are starting to light up green, 50 MA on 4hr would make a great trip up to, and I think everyone is expecting a fall from here - SO - since people are expecting it, I like to steer away from the crowd (which sometimes is rewarding, and sometimes not so much).
From there, I am STILL expecting 8300 and if you're still in a short from 9k, just stay in it. My personal opinion...
Now I will say price has been funky at this level. it's def getting enough stiff resistance at 8800 for me to be somewhat cautious, but it seems to be eating away at it so far.
My theory is is that the longer price stays at resistance, the better the chances are of breaking through it.
Now I can't make a strong case for a breakout back up to 9k because RSI is only a smidge oversold, but we are on the bottom of BB. Stoch is pretty oversold and the gamma curve is pointed up, MACD has room for growth, but it's pretty neutral. So it's not the strongest case for growth with all those factors, but sometimes you have to go with gut feeling.
Stop loss is below the trendline if you chose to Long there. A safer play I think would be to wait out 9k and short from there... Or if we fall to 8300, long from there. A long from here is much riskier based on the down-trend we are in.
4hr Ichi clouds are above us, my indicators are starting to light up green, 50 MA on 4hr would make a great trip up to, and I think everyone is expecting a fall from here - SO - since people are expecting it, I like to steer away from the crowd (which sometimes is rewarding, and sometimes not so much).
From there, I am STILL expecting 8300 and if you're still in a short from 9k, just stay in it. My personal opinion...
Now I will say price has been funky at this level. it's def getting enough stiff resistance at 8800 for me to be somewhat cautious, but it seems to be eating away at it so far.
My theory is is that the longer price stays at resistance, the better the chances are of breaking through it.
Now I can't make a strong case for a breakout back up to 9k because RSI is only a smidge oversold, but we are on the bottom of BB. Stoch is pretty oversold and the gamma curve is pointed up, MACD has room for growth, but it's pretty neutral. So it's not the strongest case for growth with all those factors, but sometimes you have to go with gut feeling.
Stop loss is below the trendline if you chose to Long there. A safer play I think would be to wait out 9k and short from there... Or if we fall to 8300, long from there. A long from here is much riskier based on the down-trend we are in.