Weekly Wrap Up
Bull Scenario (DAILY CHART)
- Bulls continue to hold these levels around $7040
- RSI is just under 60. Lots of room to move.
- MACD has flipped Bullish
- 12 and 26 EMA have crossed-over.
Bear Scenario
- Bears would need to hold $7175.
- Additionally, Bears would need to sell and break the 12 and 26 EMA.
What I'm doing
- I made two trades this week by shorting both times from $7120 and $7035.
- Currently I entered a Long with 50% of my trading stack at $6977.
- Target is the 200 EMA ($7560 currently) which is, historically, a good indicator of resistance/support.
Additional Notes
- Market sentiment is pretty good right now.
- There are more Long Positions open than shorts.
Bull Scenario (DAILY CHART)
- Bulls continue to hold these levels around $7040
- RSI is just under 60. Lots of room to move.
- MACD has flipped Bullish
- 12 and 26 EMA have crossed-over.
Bear Scenario
- Bears would need to hold $7175.
- Additionally, Bears would need to sell and break the 12 and 26 EMA.
What I'm doing
- I made two trades this week by shorting both times from $7120 and $7035.
- Currently I entered a Long with 50% of my trading stack at $6977.
- Target is the 200 EMA ($7560 currently) which is, historically, a good indicator of resistance/support.
Additional Notes
- Market sentiment is pretty good right now.
- There are more Long Positions open than shorts.
Trade closed manually:
Closed my long from $6977 here at $7199 with a market order.
What will most likely happen is this: We will test this $7200 zone. Pull back, consolidate over the weekend, then continue marching higher next week when everyone begins trading again. The weekends tend to be slow but you never know. I don't want to get greedy and honestly this has been a great week with the 3 amazing trades and I would like to end it that way.
What will most likely happen is this: We will test this $7200 zone. Pull back, consolidate over the weekend, then continue marching higher next week when everyone begins trading again. The weekends tend to be slow but you never know. I don't want to get greedy and honestly this has been a great week with the 3 amazing trades and I would like to end it that way.