Phoenix ARI remains above the 80% level in the 30 minute and 60 minute; indicating a CHANCE for continued upward pressure for a while. When Godmode indicator indicates downward pressure and the Phoneix ARI remains above the 80% level, this is USUALLY a good indication the downward pressure will not result in a significant drop in THAT particular time frame you are looking at. However, BE SURE to look at higher time frames than the one in focus to further validate that particular signal. Otherwise, you could potentially get burnt. Especially, if you do not have a stop loss/stop limit engaged as a safeguard.
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UPDATE:
A look at indicators in the 4h TF with possible exhaustion around $4,067.61 (identified with 1.618 FIB extension and a yellow box with red trim).
A look at indicators in the 6h TF to remind you to keep an eye on the Phoenix ARI in the 6h TF.
This is NOT what happened in 2015, which is throwing a wrench in my trading strategy- frankly I'm a little frustrated at this point, but such is the market- when you want it to do one thing it does another. I was hesitant to buy in when indicators bottomed out yesterday as I was sure we would continue stair stepping down for at least a few more days but this new rally, potentially a sucker's rally, caught me by surprise.
It's a suckers rally in my opinion. I was expecting it to come back up again. I thought it would go down to only around $3,875 before bouncing up but it went down to $3,850 before bouncing up. Yes, I do believe this is a bull trap.
W3rN0tAl0n3
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@ProwdClown, agreed. Thanks brother.
TEDtrading123
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@jeremy.jacques79, 2015 was a totally different market cycle!
W3rN0tAl0n3
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@TEDtrading123, Obviously, however if you've been following along this past year, the similarities have been incredible and MUCH has played out nearly identical. Check out Magic Poop Cannon's recent fractal that shows both markets in near unison recently. That's where my comment stemmed from, and what I was referring to- ProwdClown knows what I was talking about, :)
TEDtrading123
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@jeremy.jacques79, Yeah I have been carefully following btc and there have been many similarities between this bear market and the last, however there also have been many differences. I am just pointing it out to be mindful that the past does not always repeat, and not to put too much emphasis on a fractal for your trading strategy.
I am expecting another push up here btw! but not too high,
taking out stops over 4040 is a strong possibility.