So many bears missing obvious signals... (scared bears? blind?)
So, maybe all these bearish charts and analyses' are correct and this continues downwards, but I just wanted to point out some completely obvious signals I've noticed that it seems like most of these bear "analyses" (if you can call them that) didn't consider. Seems mostly like people who have turned into scared weenies and are now shorting support and bull divs, and doesn't sound like a good idea to me. Following emotions and fear rather than sensible charting.
Anyway, the chart is pretty self-explanatory. I could be bearish if we break below this current 8k low and fail the downtrend breakout-retest, but at the moment this looks like a nice long opportunity to me. Nice horizontal support, trendline support, 2 gigantic bull divs on the 12 hour chart, along with a Wolfe Wave (can you find it on the 4 hr chart?), ~78.6% retracement (still healthy) . Yeah you could make the case for a bear div between the 11k peak and the recent 9600 12 hr close, but in between there was a lower peak which does not diverge from either of those 2 peaks. Same with the bull divs... if you skip the middle "dip" you end up without any bull div at all. But the way I've drawn it, there's 2 obvious bull divs. Not seeing any particularly bearish signals unless we break below 8k, and then make a lower low, cancelling this huge bull div. My guess is some bounce here, and then months of flat choppy sideways into gradual long-term uptrend (similar to early 2016) IF the bull scenario materializes. I'm about 60% bull biased right now, but definitely not married to this idea if this continues dumping and the trendline doesn't hold.
Good luck happy trading!
Anyway, the chart is pretty self-explanatory. I could be bearish if we break below this current 8k low and fail the downtrend breakout-retest, but at the moment this looks like a nice long opportunity to me. Nice horizontal support, trendline support, 2 gigantic bull divs on the 12 hour chart, along with a Wolfe Wave (can you find it on the 4 hr chart?), ~78.6% retracement (still healthy) . Yeah you could make the case for a bear div between the 11k peak and the recent 9600 12 hr close, but in between there was a lower peak which does not diverge from either of those 2 peaks. Same with the bull divs... if you skip the middle "dip" you end up without any bull div at all. But the way I've drawn it, there's 2 obvious bull divs. Not seeing any particularly bearish signals unless we break below 8k, and then make a lower low, cancelling this huge bull div. My guess is some bounce here, and then months of flat choppy sideways into gradual long-term uptrend (similar to early 2016) IF the bull scenario materializes. I'm about 60% bull biased right now, but definitely not married to this idea if this continues dumping and the trendline doesn't hold.
Good luck happy trading!
Comment:
Still looks good though, bull div still in play, and we now have a hidden and regular divergence in play. Unless 7300 breaks :P
GLHT!