4 hr chart closes 2 consescutive candles under channel trendline
At the moment we can see that the top channel trendline is currently acting as resistance again but we also have the t line in yellow overlayed over it as well which will only reinforce that resistance...even though the current candle has started out very bullish and the depth chart seems to suggest the momentum is for thee temporary time being favoring the bulls...I anticipate the combo of the tline and channel trendline to send it back down fairly defiantly...for now I remain neutral. I have set a very risky limit buy around 8526 after selling around 8800 which I will cancel and have to market buy if I see the price somehow gain enough momentum to break above that double resistance line. We sould know fairly soon what type of resistance those 2 offer together as the price seems destined to test it.
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1hr and 37 minutes left before todays 1 day candle closes...it actually is still very possible for it to close above the green channel line if it can break the double resistance...if it can do so then that would be a very positive sign for the bulls...the depth chart seems to hint that that could be a real possibility, and the fact that the mt. gox sell off was paused until september makes that situation unlikely to effect buyer sentiment as much now. How this candle closes will be clutch in determining whether or not we will maintain the trendline as support or resistance.
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10 minutes until the 1 day candle closes and so far it has bounced down from the trendline as I anticipated with the trendline acting as resistance...whether or not it will have time to test the trendline again before the new candle starts is uncertain but I imagine if it does it will again bounce downward.If it manages to close above the trendline then I'm probably gonna be forces to take a loss on my gamble...which is exactly why I don't typically make such gambles in the first place...but if it closes below then suddenly my gamble has real potential.
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mad a judgement call cancelled my limit order and bought back in under 9 for a slight loss...glad I took it because this current 4 hour candle just broke upward over the tline and tren dline double resistance...let's see if it will hold.
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it needs a little bit of a volume boost to do more than just send a shadow(wick) above the line.
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and a volume boost is exactly what we're getting!
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the clear resistance is the t line on the 1 day chart (8EMA)