I've decided to look at some longer-term trends in order to determine some mid-term upside and downside levels to keep an eye on rather than try to plan and execute shorter-term trades.
Fib retracement printed here is from the mid-term swing high and low.
I see many patterns formed here, so I've illustrated and tagged some price targets for a few of them. Which direction price action moves from this vague daily candle close will help determine which of these patterns are most likely to complete. I hope they're clear. I tried to color-code the clusters, but I understand there's a lot going on.
Interesting note: We closed this massive sell volume day precisely straddling the ATH downtrend line (green circle on the red line), hovering around that magical 10k number. Seems the whales intended to leave us in the dark, balanced on a pin head.
To be bullish again, we really need to reclaim the 50 and 200 EMAs.
We dove under 50 RSI, indicating weakness.
MACD crossed bearish.
Measure twice, cut once.
May all of life's treasures be yours.
Fib retracement printed here is from the mid-term swing high and low.
I see many patterns formed here, so I've illustrated and tagged some price targets for a few of them. Which direction price action moves from this vague daily candle close will help determine which of these patterns are most likely to complete. I hope they're clear. I tried to color-code the clusters, but I understand there's a lot going on.
Interesting note: We closed this massive sell volume day precisely straddling the ATH downtrend line (green circle on the red line), hovering around that magical 10k number. Seems the whales intended to leave us in the dark, balanced on a pin head.
To be bullish again, we really need to reclaim the 50 and 200 EMAs.
We dove under 50 RSI, indicating weakness.
MACD crossed bearish.
Measure twice, cut once.
May all of life's treasures be yours.
Comment:
Sorry, y'all. I just realized I labeled the targets as their opposites. Obviously the DT would go down to the bottom target and the DB would rally to the top target. I'm going to sleep now, I clearly need it.
Comment:
We are currently day trading a series of bear flags and pennants on our way down to the targets, . Exciting! There's a lot more on my chart now, and I've obviously removed the upside DB target, after the DB failed. Update will be published soon. Thanks for following!