BBands tightening. Expecting a big move in the next few hours. Hopefully break to the upside to 7k before more significant leg down to 5k.
Comment
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Breakout confirmed to the upside. Very close to our 6940 target.
Trade closed: stop reached
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Closing out this idea. My stop was reached over 7k and the pattern has been invalidated, unfortunately.
I'm keeping a close eye on the next fib line (0.786) at ~7300 area for a possible short-term correction potentially down to retest 7k, or depending on whale play maybe retest 0.5 fib at 6700 and stop out a bunch of people before next leg up.
What is the outcome if it brakes major resistance at 7000? Is C D still in play above 7000?
billaddison
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@vaskojovanov, it would invalidate the pattern and I'd start thinking about the next run up instead.
vaskojovanov
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@billaddison, I will be awaiting for your next chart since my hopes have died for retest 5000 dip. :)
billaddison
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@vaskojovanov, Yes, 5k isn't looking likely at this stage any more. The pattern has been invalidated. I think for my next charts, I'll include entry, target and stop so it's clearer. I had a stop reentry just over 7k which filled for example.
CovidScamIsAnIQTest
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Looking good. Thank you for the chart.
billaddison
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@sifeij, Thanks, hopefully this reversal happens just before 7k to keep the pattern valid. Hard to imagine price dropping all the way to 5k tbh, but we still have a few days for the formation to complete. Good luck!
CovidScamIsAnIQTest
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@billaddison, 5k is in, that's where 100MA on daily is. Each drop in the past (drop from 3k, drop from 5k) all reached 100MA and made the bottom. This time is still 10% to reach 100MA (5000) from previous low (5550).
billaddison
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@sifeij, Yes, I'm expecting 5k from this move as well, which would also be a nice 61.8% retrace in line with the last two major corrections you mentioned as well.
CovidScamIsAnIQTest
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@billaddison, Let's see if the whales respect TA or not ...haaahaa