Evening traders,
Everyone's sitting patiently (well some of us!) awaiting direction in this range bound market. We've had three failed attempts of breaking the .65 of the last bearish impulse, we've created bearish divergences, but we're still grinding higher.
Currently, there are a few indicators lining up that warranted a post.
1) The lagging span on the Ichimoku is bearishly crossing, if we close this hour with that cross, it should confirm an accelerated downward move.
2) RSI has crossed in on its averages.
3) SlowStoch is approaching bear territory.
4) MACD is bearishly crossing at the moment, and this hours close will decide if it prints or not.
5) VFI is warning of an impending cross.
6) POC on VPVR is acting as resistance.
Divergences -
We have bearish divergence on the following: RSI / Slowstoch / MACD / VFI
My trading plan is as follows:
If a bearish impulse develops, I will look to lock in 20% at the previous low. Upon further downside, I will look to lock in an additional 30% at the 200 SMA with a 1% stop loss placed below.
The additional 50% trading capital will either purchase additional @ the 200 SMA, or after confirming the market turned back bullish.
If we end up going higher from here, as we are range bound long enough that soon divergences will be forgotten, I will look to enter when the .65 acts as support, following a breakout and re-test. If no re-test materializes, I will buy on a high volume .65 breakout.
As always, if you like my content, please hit the "Like" and "Follow" button. Additionally, you can always receive my updates by going to settings, notifications, check receive email updates, and follow this idea.
Everyone's sitting patiently (well some of us!) awaiting direction in this range bound market. We've had three failed attempts of breaking the .65 of the last bearish impulse, we've created bearish divergences, but we're still grinding higher.
Currently, there are a few indicators lining up that warranted a post.
1) The lagging span on the Ichimoku is bearishly crossing, if we close this hour with that cross, it should confirm an accelerated downward move.
2) RSI has crossed in on its averages.
3) SlowStoch is approaching bear territory.
4) MACD is bearishly crossing at the moment, and this hours close will decide if it prints or not.
5) VFI is warning of an impending cross.
6) POC on VPVR is acting as resistance.
Divergences -
We have bearish divergence on the following: RSI / Slowstoch / MACD / VFI
My trading plan is as follows:
If a bearish impulse develops, I will look to lock in 20% at the previous low. Upon further downside, I will look to lock in an additional 30% at the 200 SMA with a 1% stop loss placed below.
The additional 50% trading capital will either purchase additional @ the 200 SMA, or after confirming the market turned back bullish.
If we end up going higher from here, as we are range bound long enough that soon divergences will be forgotten, I will look to enter when the .65 acts as support, following a breakout and re-test. If no re-test materializes, I will buy on a high volume .65 breakout.
As always, if you like my content, please hit the "Like" and "Follow" button. Additionally, you can always receive my updates by going to settings, notifications, check receive email updates, and follow this idea.
Comment:
Forgot the link, again, as normal. Here it is, sorry for the spam.
If you find my information helpful, please return the favor and hit the like and follow button, it's very encouraging and keeps me motivated!
Twitter: twitter.com/Jedi_ant
Twitter: twitter.com/Jedi_ant
In tonight's update I'll point out the current situation and my current plan.
Inline with my last trading plan, I purchased on the breakout of the .65 on volume. I successfully sold when we stalled and managed to lock in $180 dollars in profit.
Now that we have broken down, I want to point out what I see on the chart.
Volume is picking up on the sell side, and has already surpassed more volume than the previous levels. The next red bar that has more volume (and keep in mind we have time to close still) isn't until we hit the low @ 4834 of this entire impulse.
4hr Chart:
See chart for each point mentioned below:
1) We wicked right through the .65 and the .618 on the first push down - this tells me the bullish impulse is likely over, and we are about to start a further bearish impulse.
2) RSI is curving sharply down
3) SlowStoch has crossed
4) MACD has bearishly crossed
5) VFI is pointing downwards
All this tells me that we should see further lows. As a result my next trade plan will be to lock in 20% @ the previous low of 4834, 30% at the 200 day SMA, and the remainder of the funds to purchase on a bullish trend reversal.
If by some chance the low is in, the asset is much more bullish than expected, and in this case I will look to join the ride at break and re-test of the new high.
If you enjoy my ideas, feel free to join the Cryptocrew discord @ discord.gg/EH2SXsV to join the discussion.