I don't have time to plot it, the birds are singing here, but I just noticed this is appears to be another obvious distribution with price in the last phase before Mark Down in the AR and SOW support channel, just like last time. Should be a big drop from here. I'll find out in the morning.
Anyone is welcome to plot it and post their chart here.
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H&S here at AR. Good chance topping out here.
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Rejection off SOW (as HTF previously) to continue downtrend?
Trade active
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Rising wedges looking very weak here. I'm staggering in to add to my BTC short position here.
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Not advice.
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Price looks like it wants to tag SOW before continuing down.
@ClearOpenDoor, I had actually gone short at almost the peak of the upthrust. Sold when price was moving back up but, luckily caught it again almost at the top at the start of the new daily candle. This is fantastic :)
ClearOpenDoor
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@ClearOpenDoor, I disagree about the topping out update. I've changed my mind on this and closed my short. I think we will be going higher after all. The bulls look like they are gearing up for another move.
dRends35
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@ClearOpenDoor, Based on what? And what happened to "by golly I'm sticking to my guns on this"?
ClearOpenDoor
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@dRends35, Based off of the almost vertical strength of the previous impulse move on June 8th and 9th, I don't believe it can be accounted for in isolation. Also shorts continuing to rise indiscriminately and growing complacent given the continuation of lower highs. I feel the pull of such a large liquidity grab would be too strong to ignore at this point? I could be wrong but price has already climbed way above where I've taken my short profits. If I see the start of another capitulation downward I can jump back into a short, otherwise so far I am happy with my choice.
dRends35
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@ClearOpenDoor, Ok but think you were right the first time. Price has done nothing but regressive since the top, and I think this is yet another B wave on declining volume.