If the 0.618 fib holds (3600 level), I'm expecting a completion of the right shoulder of this big inverse H&S being formed on most high time frames.
Technically, it is a buy above a clean break of 4400 (stronk resistance), but a buy with a stop right below the 0.707 is a decent r/r play
Long: 3660-3700
Stop: 3550
Target profit: 5600
Technically, it is a buy above a clean break of 4400 (stronk resistance), but a buy with a stop right below the 0.707 is a decent r/r play
Long: 3660-3700
Stop: 3550
Target profit: 5600
Comment:
Possible drop to the 3850 level (on Bitfinex) to re-test the symmetrical triangle support.
If it falls below this, I'm out of all longs.
Possible drop to the 3850 level (on Bitfinex) to re-test the symmetrical triangle support.
If it falls below this, I'm out of all longs.
Comment:
Looking bearish so far. MACD is flat lined, but consolidation around critical support with rejection wicks means that downside hell candles could be imminent. I'm out of more than half of my long positions at a decent profit.
Still has yet to hit my 3850 stop loss
Looking bearish so far. MACD is flat lined, but consolidation around critical support with rejection wicks means that downside hell candles could be imminent. I'm out of more than half of my long positions at a decent profit.
Still has yet to hit my 3850 stop loss
Trade closed: stop reached
Comment:
Just as I expected. Broke below the symmetrical triangle. Should be confirming resistance now with more downside ahead.
Just as I expected. Broke below the symmetrical triangle. Should be confirming resistance now with more downside ahead.
Symmetrical triangle being formed on large time frames. Breakout is approaching the apex. A break below and 4 hour close below this trend line will signal an exit of all long positions and a re-test of the lower channel.