As you can see if you zoom in and scroll through the chart. I have highlighted the price rally %'s every time the market broke through the 20 day MA on the 1 Day chart.
This has happened +/- 11 times since the bear market took over. With the market only hitting 30% plus in gains 3 times. At present we are sitting on 37% 34 days in.
1: 12th April 2018 - 5th May 2018 = 24 Days | 30% Plus 2: 16th July 2018 - 25 July 2018 = 10 days | 30% Plus 3: 5th March 2019 - 8th April 2019 = 34 Days | 30% Plus.
The market has never hit 40% post bull run after any of these price rallies above the 20 MA.
So as the header says, is that correction ready to go ?
We know the market is clearly over bought atm.
With possible price level correction trigger points at:
$5380 | $5680 | $6150 | $6450
Could this be the right op to set a counter trade this rally and short the market to re-buy in the mid to lower $4000's or accumulate further and fill those bags for the long game near the bottom of the correction.
One must not forget this is still a sellers/bear market/trend. So getting in to buy should be at the best possible price (for the long game) and shorting is validated until $6500 is truly broken with price holding above. As that would signal the beginning of the trend reversal.
This is just a basic analysis and my personal opinion/ TA.
Your thoughts, advice, comments and opinions are valued and welcomed.
Well done, man! I’ve never thought it like that but I can support your idea with this.
It’s touched a resistance, weekly Stoch RSI is extremely overbought, and MACD line is still under 0, that, as you know, means it’s still bearish.
It’s touched a resistance, weekly Stoch RSI is extremely overbought, and MACD line is still under 0, that, as you know, means it’s still bearish.
Have a good day :)