We have hit a major level, not seen in years, all the way up to 18.4k, with hardly any pullback to speak of. The price is getting squeezed right now, between the 50 SMA
on the hourly and the Vstop. Either we will break up, or down and the move will be considerable. I've seen a lot of people calling for a run straight up to the mid 20s, before any major pullback. I'm much more hesitant. I was stopped out, so now I'm waiting to see. We are 30% away from the 21EMA, which historically is a long way away.
I'd love to see a pullback now, because I think that would be very healthy and set up a new leg off this up run. The tightening on the 1h is entirely unpredictable with so many institutions buying large sums and the long bottom wicks showing a lot of buying pressure. As a Marco bull, the buying pressure is very encouraging. But at a certain point, the bulls will have bought in all they are willing to and a large entrancement may be in the cards.
The hash ribbon painted a capitulation, but has yet to paint a buy signal. Its actually divergent, so the major red wick may happen before the buy signal, or we consolidate and print the buy signal and then moon greatly. The Darth Maul Candle from yesterday has me 60/ 40
to the bearish
side, I have a short on XRP because I view it as high beta, stop-loss 0.30.
As of right now we are in a diamond, which is a reversal, but it could, and has in the past, dragged out to be an ascending triangle
. So I see a break down in the next 24 hours, or a break up in the next 4 days