People seem excited today about a breakout. As a medium-term low risk preference, i'm not interested in the potential run to the main downtrend boundary. I'll be the first to jump onto trend reversal confirmation, but we are about $3,000 away from a safe investment. Whether we hit 7.5-8k or bite it here, this market is much more likely to retest and break 6k.
Ichimoku is thick here indicating a strong downtrend. Penetration of the cloud within the next few weeks would be a tough case with the upper boundary being above our actual trend. If we have run towards the cloud, expect a small bull market until May followed by a fresh bloodbath. I won't be making any predictions until we approach either the 6k or 8k levels because those are the only areas where the market will be more predictable for my trading style.
Just a few observations. The cloud isn't everything. You are best off finding confluence between a handful of your favorite TA indicators combined with solid FA.
Good luck, everyone!
Ichimoku is thick here indicating a strong downtrend. Penetration of the cloud within the next few weeks would be a tough case with the upper boundary being above our actual trend. If we have run towards the cloud, expect a small bull market until May followed by a fresh bloodbath. I won't be making any predictions until we approach either the 6k or 8k levels because those are the only areas where the market will be more predictable for my trading style.
Just a few observations. The cloud isn't everything. You are best off finding confluence between a handful of your favorite TA indicators combined with solid FA.
Good luck, everyone!
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Yes and i've forgotten to mention that in a perfect world we would bite it here in a major dump to 6ks (therefore dipping our cloud upper boundary down to the main downtrend and igniting our new bounce) followed by our natural touching of the main trend line before making our run to sub 6k.
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Many people exhausting volume buying in here in an attempt to break the cloud. We are headed down hard soon if we don't have a strong breakout and confirmation within 1-2 days.
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If we don't hold above this weak support, its sub 6k imo
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The cloud is behind us boys!