Hitting an upper trend line here. Very bullish move but I would suggest caution here and perhaps you will get a better entry point so if you are thinking of entering here then perhaps a half position or one third to start.
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If you are the brave type you might even want to take a bit off the table here and repurchase at the retrace.
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The only problem with that is if it does move up on the the upper black trend line now you might end up chasing your tail...
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Could retest the 50 MA here which is also the mark of the previous impulse high point.
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Here we can see what all the fuss was about. The target being the 200 MA on the 2 hour chart. It will have to overcome this average and hold up above it with good support for a continuation of the bullish momentum.
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Most likely though we will see the retrace here that I was speaking about earlier. But over all the future looks fairly rosy I would say.
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So I'm finding yet again that I'm adjusting the vector of my black trend lines even steeper and you can see that the overall steepening by comparing to the previous bull vector (black line) to the left side of the chart. This is a bit concerning as it does indicate a couple of things. I usually see the most steepening occur in the final last two big rallies in a blow off top and after this the correction will be fairly severe and two it make me question the overall sustainability of this current rally beyond the target are in the fib chart which happens to be the top of the previous wave. Hmmm... that is a bit concerning. Not to panic anyone but I think many traders will take a fair bit off at the matching top area most likely just below it. What happens next will be very interesting to say the least... just something to think about...
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Personally I think we will push beyond this top to the 31 to 34 K area but there may be a big struggle to be overcome when the time comes to push through this massive resistance and it will most likely take 2 or more attempts.
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Now just looking back on the 45 min chart and we do have a golden crossover coming into play... this is getting very interesting!
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Looking at a 3 hour chart now and as you can see, there is massive upside potential here if the 20 MA and 50 MA can continue to turn and move up through the 200 MA. This is a likely scenario now and if you are holding alt coins in the current alt coin rally then I would seriously watch them closely for an inverse reaction... just saying...
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There`s no way now that we are going to have the retrace here that I had expected earlier, and what that means is that my fib chart projection was way off because I was using the smaller formation and should have been using the larger complex as wave one. Now this looks way way better and it also eliminated some of those concerns that I had when I was rambling on earlier.
Sometimes we can`t see the forest because we`re staring at a tree. Sorry about that. That`s why I didn`t really push the idea to sell here at 16000... something just did not feel right.
My idea now is that we are going to have a retrace now at the half way point but that makes complete sense because we would expect to be turned down at the top and have to take a second run at it.
You know charting form the bottom is like trying to figure out the end of a story have only read the first chapter but as the story unfolds it becomes increasingly easier to deduce what the ending might bed. This is why it is important to approach your charting with zero bias (fundamentalists) and re evaluate continuously.
Sometimes we can`t see the forest because we`re staring at a tree. Sorry about that. That`s why I didn`t really push the idea to sell here at 16000... something just did not feel right.
My idea now is that we are going to have a retrace now at the half way point but that makes complete sense because we would expect to be turned down at the top and have to take a second run at it.
You know charting form the bottom is like trying to figure out the end of a story have only read the first chapter but as the story unfolds it becomes increasingly easier to deduce what the ending might bed. This is why it is important to approach your charting with zero bias (fundamentalists) and re evaluate continuously.
