I haven't updated long time. Unfortunately because of a lot of other activities and somehow because of my laziness. It would be good if I make 3 updates a week especially that I think a lot of interesting things are to come in cryptomarkets.
So I expect that after strong rally we need to pullback. Bulls lost steam and can't make another higher high and we can watch double top on 4h chart. We also break some minor trendline. At this level long positions are trapped and I believe we may retest previous support at 6800 but most likely we go somewhere around 7000-7200 and there I want to place my long positions.
Currently I opened small short at tight stop loss.
So I expect that after strong rally we need to pullback. Bulls lost steam and can't make another higher high and we can watch double top on 4h chart. We also break some minor trendline. At this level long positions are trapped and I believe we may retest previous support at 6800 but most likely we go somewhere around 7000-7200 and there I want to place my long positions.
Currently I opened small short at tight stop loss.
Trade active:
There is also such triangle in play. It is contiunation pattern so we should go up but I there is no much space to grow inside my trend channel and that's why I believe we should pullback to make more space to another leg up
Trade active:
So far so good. Tomorrows wick was very similar to 9th july wick. Very similar price action. Strong upward movement where short are stopped and traders open long and stronger rejection. Shorters are already stopped and longs are trapped what gives strong downward momentum.
Now we see some bounce but my previous target is still active. I want close my short between 7200-6800. Need to watch price action to find a good moment.
Happy trading!
Now we see some bounce but my previous target is still active. I want close my short between 7200-6800. Need to watch price action to find a good moment.
Happy trading!