Reversal to Sustained Upward Pressure May Be Under Way NOW.
Keep an eye on the White Energy in the Daily and the 2-Day to assist with CONFIRMING sustained upward pressure.
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Posting this same chart again AFTER having moved the text bubbles "To Front" for easier reading...
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I would probably be able to explain THE FOLLOWING much better in a video rather than writing it down without proof reading and making corrections. This was a response to an awesome follower (below) in the comments section:
I agree with you on the POSSIBILITY to continue down to $8k. However, I also know the higher time frames (3-Day) are used to get an idea of WHERE we are going and WHEN we might get there APPROXIMATELY. Yet, the lower time frames (Daily) are used for more precise entry and/or exit. With that said, one has two options:
OPTION ONE: One can TRY to get in as close to the bottom as possible by using lower time frames (Daily) for entry WITH A TIGHT STOP LOSS that's no lower than the previous Daily Low. In other words, we-re hoping for a HIGHER low on a pullback.
OPTION TWO: One can WAIT longer for a buy signal in the 2-Day and 3-Day with the Energy much closer to 50% in the 2-Day and 3-Day. However, which is often the case, one will miss getting in at as low of a price. The advantage of doing this is reducing fearful emotions of a pullback (bull trap). The disadvantage is not getting in on as low of a price.
I'm of the mindset to TRY to get in at a lower price WHILE UTILIZING a tight stop loss that's no lower than the previous low in the Daily. If the price ends up dropping lower and your TIGHT stop loss is triggered, you of course get stopped out and possibly lose a small percentage. HOWEVER, you can MAKE UP that small loss by getting in at an even lower level from where you were stopped out.
By waiting to get in now and WATCHING THE PRICE GO UP, emotions of FOMO "will" creep in. The FOMO emotions will itch at you more and more as the price continues going up. THEN you may be tempted to get in as the price continues to go up; only to watch the price dump down POSSIBLY shortly after you get in from FOMO emotions -OR- you do get in and the price continues going higher and you feel good about getting in. Yet, you lost the opportunity to increase your holdings by 2.5 to 3.5 percent by getting in later AFTER a 2.5 to 3.5 percent rise in price. If you got in lower with a tight stop loss set at 0.5 to 1.5 percent of your buy in price, you increased your holdings by potentially 2.5 to 3.5 percent. If the price does drop lower to $8,000 from here, that's about a 5 percent drop. Your stop loss was triggered at 0.5 to 1.5 percent drop. So, you were still able to capitalize by getting in at a lower price to make up for the small loss incurred when the stop loss was triggered.
I'm simply explaining how I personally look at the TRADING aspect merged with the ANALYST aspect. I'm simply trying to provide a picture of both TRADING and ANALYSIS merged together.
I agree with you on the POSSIBILITY to continue down to $8k. However, I also know the higher time frames (3-Day) are used to get an idea of WHERE we are going and WHEN we might get there APPROXIMATELY. Yet, the lower time frames (Daily) are used for more precise entry and/or exit. With that said, one has two options:
OPTION ONE: One can TRY to get in as close to the bottom as possible by using lower time frames (Daily) for entry WITH A TIGHT STOP LOSS that's no lower than the previous Daily Low. In other words, we-re hoping for a HIGHER low on a pullback.
OPTION TWO: One can WAIT longer for a buy signal in the 2-Day and 3-Day with the Energy much closer to 50% in the 2-Day and 3-Day. However, which is often the case, one will miss getting in at as low of a price. The advantage of doing this is reducing fearful emotions of a pullback (bull trap). The disadvantage is not getting in on as low of a price.
I'm of the mindset to TRY to get in at a lower price WHILE UTILIZING a tight stop loss that's no lower than the previous low in the Daily. If the price ends up dropping lower and your TIGHT stop loss is triggered, you of course get stopped out and possibly lose a small percentage. HOWEVER, you can MAKE UP that small loss by getting in at an even lower level from where you were stopped out.
By waiting to get in now and WATCHING THE PRICE GO UP, emotions of FOMO "will" creep in. The FOMO emotions will itch at you more and more as the price continues going up. THEN you may be tempted to get in as the price continues to go up; only to watch the price dump down POSSIBLY shortly after you get in from FOMO emotions -OR- you do get in and the price continues going higher and you feel good about getting in. Yet, you lost the opportunity to increase your holdings by 2.5 to 3.5 percent by getting in later AFTER a 2.5 to 3.5 percent rise in price. If you got in lower with a tight stop loss set at 0.5 to 1.5 percent of your buy in price, you increased your holdings by potentially 2.5 to 3.5 percent. If the price does drop lower to $8,000 from here, that's about a 5 percent drop. Your stop loss was triggered at 0.5 to 1.5 percent drop. So, you were still able to capitalize by getting in at a lower price to make up for the small loss incurred when the stop loss was triggered.
I'm simply explaining how I personally look at the TRADING aspect merged with the ANALYST aspect. I'm simply trying to provide a picture of both TRADING and ANALYSIS merged together.
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Here's a look at the Monthly:
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Projections of estimated price range target:
A stop loss is there to help us not only control RISK but to also control EMOTIONS. Having a stop loss triggered is simply part of the process at times. However, it's one of the most important tools we can use to keep losses small an gains large.