I have taken the time to create this super simple chart which only shows one thing :
Parabolic Advance - Parabolic advance Breaking - Retest - Rejection
From my own Experience this has been one of my leading Signals for short entries.
Since this is happening on HTF in this case 8 Hour candles and the Support cluster is so Dense right below current Price of around 10.3K it is taking a VERY long time to decisively break it. There are several confluences especially EMA's right below Price visible very well when using the EMA Ribbon Template and flipping through different Time frames. ALL of them below the Price from 4h-monthly
BUT
the parabola is broken. If there is no significant break of Resistance Price is going to Dump very Hard is all i can say. I have no Realistic Targets as this potential mega Dump will initiate a cascade of Bearish confirmations and will cause Bearish market structure to Paint itself inside of the Chart soon after.
Support in the 9.3-9-6s will surely hold at first, but I feel this will be temporary unless a Massive Pump taking out the Sloping resistance follows from the potential & likely Bounce.
This chart is posted on my Timeline as future Reference and Timestamp in predicting critical Reversal points based on Simple Parabolic curves.
I hope I am proven Wrong and we Fly. But either way. I am hedging short a large Position on High leverage on Bitmex. SL@ 10570 XBTUSD Chart.
Parabolic Advance - Parabolic advance Breaking - Retest - Rejection
From my own Experience this has been one of my leading Signals for short entries.
Since this is happening on HTF in this case 8 Hour candles and the Support cluster is so Dense right below current Price of around 10.3K it is taking a VERY long time to decisively break it. There are several confluences especially EMA's right below Price visible very well when using the EMA Ribbon Template and flipping through different Time frames. ALL of them below the Price from 4h-monthly
BUT
the parabola is broken. If there is no significant break of Resistance Price is going to Dump very Hard is all i can say. I have no Realistic Targets as this potential mega Dump will initiate a cascade of Bearish confirmations and will cause Bearish market structure to Paint itself inside of the Chart soon after.
Support in the 9.3-9-6s will surely hold at first, but I feel this will be temporary unless a Massive Pump taking out the Sloping resistance follows from the potential & likely Bounce.
This chart is posted on my Timeline as future Reference and Timestamp in predicting critical Reversal points based on Simple Parabolic curves.
I hope I am proven Wrong and we Fly. But either way. I am hedging short a large Position on High leverage on Bitmex. SL@ 10570 XBTUSD Chart.
Trade closed manually:
Closed my short for a small loss. It's looking Pumpy at this point. Potential IHS is in Play and bulls were Parading some Strength on a Confirmation wick. Believe we might be in for a Breakout soon. Will wait for confirmation to short on high lev first which is always a good idea generally.
Comment:
4Hr closed with a shooting star candle followed by a bearish spinning top. If the next 4h candle closes below the shooting star I will re-enter short positions. Flat for now.
Comment:
Like stated in the previous comment I entered shorts on the close below and price has dumped since. Expecting one last test of 10.3 followed by a rejection and a dump to sub 10k
Comment:
Boom as expected 10.3s tested once more. It's been super nice trading this. Took profit on shorts and re-entered on the Pamp now with entries above 10.3 - Just wish I would have scalped a long as well but was not confident enough haha can't win em all. Eitherway, we closed inside of the Channel (not showing in this chart) and I am now ready for the Price to go Sub 10k. Stops are tighter for me at this point, just above the wick of yesterdays daily close in the low 10400s. IHS still in play and might go up my Bias is confidently bearish though - sticking to the Fact of this parabolic advance breaking.