1) We just had a great run up very close to the bearish downtrend line and are surely overextended with divergences on the 1H RSI/MACD.
2) The recent move down pushed the 1H RSI very low which is excellent because one more push will put it clean into the oversold territory, setting up for another continuation upwards.
3) Since it didn't actually complete the move up to the downtrend line I expect this retrace to expend its strength quickly.
4) I anticipate that to be around the 9900 area which is a massive intraday support zone and also the lower center line of this entire bull-trends pitchfork.
5) 9900 is also the 4H 200 MA.
These points are showing us that 9900 will be very hard to break and will be a great buy opportunity, and will most likely provide the fuel to push us through 11800 (d/t line). If we clear there then it is on to 13600 and beyond.
Remember, now that there is a bull trend forming, the floodgates of sidelined/mainstream money are reopening.
To infinity and beyond!
Act now or fourth ever hold your peace.
Comment
⋅
Note: Intra-weely low at 9900, hmmmmmmm
Comment
⋅
Failed retrace, looks like we may retrace quickly to 10600 before running to 11600.
Comment
⋅
Still buying @ 10k, retrace was just postponed.
Trade closed: stop reached
⋅
Lots of sell volume, out until we reach a clear bottom, will post updated chart then.
So if you bought coins at $10,500 - would you recommend holding (long) or selling (short)?
FenixCapital
⋅
@simplegray, holding for sure because at this point you'll be selling at a loss and even if you rebuy 9900-10000 you will barely make back that realized loss (that is assuming perfect execution) and selling/rebuying gives lots of room for indecision, error, fomo and a slew of headaches that are unnecessary for pinching pennies at these levels.
simplegray
⋅
@FourthFloor, right on. Thanks. What's your near-term stop loss price? $990? And what's your near-term take profit price? $13600. (Sorry, new to this stuff. Just trying to learn).
FenixCapital
⋅
@simplegray, I would buy @ 9910 then stop loss would be around 9650 then take profit will depend on whether or not we get a reversal formation at ~ 11300 when it hits the downtrend line, if it doesn't reverse there then yes 13600 (will be updating more precisely as we get closer)
simplegray
⋅
@FourthFloor, gotcha. So if tomorrow we see $9910, hold what I have and buying more? Then selling everything if it drops further to $9650?
chrpark96
⋅
@simplegray, It's recommended you come to your own conclusions.
simplegray
⋅
@chrpark96, understood. Just trying to understand the behavior that would/could follow a particular TA interpretation.
FenixCapital
⋅
@simplegray, I would buy more but thats also because I would have put myself in a position to be able to buy more, I'd say just sit this one out, worst case scenario, come back in a month or two and you'll have solid gains.