Price is currently being squeezed between the 200D and 120D EMA.
There's a Bearish Divergence on the RSI, momentum on the Stoch RSI is directed downwards.
Price breaching the 120 Day EMA and a candle closing below $8K is going to be very bearish and may create a cascading effect of sell offs leading to the CLE and a further bear market extension.
Watch this chart for the Probable Upcoming Scenario of an extended bear market.
The moment price goes above the 200D EMA, this will change the tone to a more bullish one.
Currently watching price is it will form a Bullish Ascending Triangle this week.
When price breaks out of the upper resistance line, watch out for BULL TRAPS! Price may reverse on a dime!
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Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
There's a Bearish Divergence on the RSI, momentum on the Stoch RSI is directed downwards.
Price breaching the 120 Day EMA and a candle closing below $8K is going to be very bearish and may create a cascading effect of sell offs leading to the CLE and a further bear market extension.
Watch this chart for the Probable Upcoming Scenario of an extended bear market.
The moment price goes above the 200D EMA, this will change the tone to a more bullish one.
Currently watching price is it will form a Bullish Ascending Triangle this week.
When price breaks out of the upper resistance line, watch out for BULL TRAPS! Price may reverse on a dime!
===============================
Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
