We recently hit a big resistance level at the ATH trend line from $20k. Initially the awesome Daily momentum was thought to be strong enough to keep pushing us to new highs into the Ichimoku cloud. Sadly a nasty looking doji was left on the Daily so a more bearish action is to come on a larger time frame.
The 4 hour chart has some past weekly pivots that the price missed and typically it is said those price levels will be revisited. So $9,323 and $7,714 are good price targets using current S/R levels.
As for price targets I have looked at several different types of charts and indicators and there is a lot of confluence on the $9,000 area. Weekly Pivot in green is at about $8600.
The 4 hour chart has some past weekly pivots that the price missed and typically it is said those price levels will be revisited. So $9,323 and $7,714 are good price targets using current S/R levels.
As for price targets I have looked at several different types of charts and indicators and there is a lot of confluence on the $9,000 area. Weekly Pivot in green is at about $8600.
Comment:
This trade plan is probably not panning out. After dipping through the weekly pivot and the bouncing on the inside of the 4h cloud the price has made a run to the upside and done some chop inside the 55 and 200 SMAs. I am guessing we are going to climb the cloud on the outer edge for a bit.
Trade closed manually:
We ended up falling down a bit more with some big Judas candles from Bitfinex helping with getting the momentum going. After the big drops the TA has been a bit strange so I am calling this Trade Plan done. I am seeing a BUY signal (green circle) on the 4h chart and since the TA is a bit messy I want to see if it is good or a false signal.
Comment:
Just a further update to the BUY signal I was seeing on the 4h... This turned out to be a good signal and was followed up by a confirming BUY signal at a lower price (yellow circle).
