Long at $8350, target $8800
Stoploss at 8100
Ichimoku cloud:
⁃ Strong support is ongoing on Senkou A line
⁃ Minute descending triangle ongoing since 9/5,
⁃ Price is above the Chikou line - Position for long
⁃Upward channel is ongoing at lower bottom of the fibonacci channel line
RSI - 50 : position undecided, lining with tight/strong volume on both sides
At downward descending triangle. Need for strong breakout until 8400~8500 to safely enter in terms of four hour candle volume
⁃ Volume is declining/dying -> Short in current position may lead to decline until 7500~7600 (strong support)
MACD almost at golden cross with upsurge of purchasing volume
Bollinger band narrowing down to less than $200 level, indicating a sudden breakout on either long or short position.
Elliot Wave analysis
⁃ 1st wave at 7750, 2nd wave 8200, 3rd wave at 8700, Fibonacci retracement indicates 4th wave placement at 8800 and 5th at 9100
Stoploss at 8100
Ichimoku cloud:
⁃ Strong support is ongoing on Senkou A line
⁃ Minute descending triangle ongoing since 9/5,
⁃ Price is above the Chikou line - Position for long
⁃Upward channel is ongoing at lower bottom of the fibonacci channel line
RSI - 50 : position undecided, lining with tight/strong volume on both sides
At downward descending triangle. Need for strong breakout until 8400~8500 to safely enter in terms of four hour candle volume
⁃ Volume is declining/dying -> Short in current position may lead to decline until 7500~7600 (strong support)
MACD almost at golden cross with upsurge of purchasing volume
Bollinger band narrowing down to less than $200 level, indicating a sudden breakout on either long or short position.
Elliot Wave analysis
⁃ 1st wave at 7750, 2nd wave 8200, 3rd wave at 8700, Fibonacci retracement indicates 4th wave placement at 8800 and 5th at 9100