Never trust TA from one analyst. Yesterday my short position has liquidated and I lost a lot of money. TA is not predicting future price. It is all about deriving many possible scenarios and prepare adequate response plans.
We finally broke the down trendline that has been formed for a very long time. That massive impulsive green candlestick that fucked many of traders including me, seems like a 3rd wave. Now we are officially above the trendline which means it is now going to act as a hard support. I think we are currently on the wave 4 which I targeted 0.382 fib level of wave 3. With the amount of bullish momentum, I targeted wave 5 with 3.618 fib extension of wave 1 since wave 3 reached 2.618 fib extension.
@babyjungle, Yes. So do you think the yesterday's candle is that pick at the middle of April? Where are we now on that chart?
Coinamic
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@Coin_Trader_, we suppose to be on the downtrend after the peak on the 12th by that chart. If that fractal works well, we are going down again. Yesterday I finally left a buy order at 7250, sold at 7800 today, I´m not using leverage so I´m not doing bad, however I´m also loosing a bit. Now I´m all in cash and my buy order is at 8200, thinking that the price could get a peak again before going down. Let´s see, in my opinion the downtrend is not reversed yet, but anything can happen.
Tommy_Trader
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@babyjungle, Yes there are some traders that consider this as a huge bull trap and there are who says it's not. And that's why I think that red trendline will work as a hard resistance. Of course if we break it again, I would consider this as a bull trap and I am sure it will drop really really fast.
Coinamic
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@Coin_Trader_, I will consider a confirmed uptrend once a candle is closed above the neckline in the daily chart. Fortunately I canceled my 8200 buy order, I´m just waiting. I think the price after making a double top at 8200 is looking for 7500.