It is possible to reach higher near 7600 before falling back
Unchained_Trading
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@diandian, I'd say not likely unless there's a large stop hunt for shorts. Which I wouldn't rule it out it seems like on every dump the market makers go on an enormous stop hunt with $200-$300 wicks. But because it faced resistance on the 1.276(Corrective Fib), I think any move breaching far enough past that could invalidate further downside. If it breaks $7,390 with impulsive price action then I'll likely open a long position.
diandian
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@mduchow, HI Mike, although this market is lack of funds to promote, but now there are too many people playing high leverage, high leverage is fuel. Ignite it and pull it up. The same is true of shorting. If you can't bear the long heads, you will naturally panic and cut to the bottom. There is too much uncertainty in the market, even if the price reaches 8000USD, there is no plan to hold too much. There is no right or wrong analysis. But many times it exceeds expectations.
Bitcoinblue
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Can you read my mind ?
Unchained_Trading
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@Bitcoinblue, Haha yeah I'd say that's a fair assessment
Bitcoinblue
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@mduchow, Bullish div on 1hour, brings us up to appr 7400, we meet resistance and come back down, creating a triple bullish div on daily and reverse from there... AHUM... FIEWW, Did you read that too ??
Unchained_Trading
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@Bitcoinblue, Dang that's a good eye nice catch. There's a few indications pointing towards that there should be a pretty strong correction to the upside around the $6,800-$6,900 region. I had based my analysis off of it's weekly RSI and the fact that its finishing up a long and drawn out wave structure. However, purely from an Elliottwave perspective, its entirely possible to extend down to the 1.618 retracement. That could work nicely with its RSI as well briefly breaching the 40 territory. But that's a good eye catching those divergences that honestly went right over my head I hadn't even noticed because I've been scalp trading all day on the 3-15 minute. Appreciate the observation!
Bitcoinblue
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@mduchow, We should work together haha! I'm mainly doing pattern analysis and actually never work with elliot waves or waves at all, could learn a lot about that, any tips to read into ?
If you are interested I'm also analysing on YouTube, todays video is about that topic of the two patterns which I see as a possibility youtu.be/8EXvGznuNhY
Unchained_Trading
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@Bitcoinblue, Totally agree the grind is real. Collaboration was a huge part of the reason why I actually started to post on here, I had this profile for 6 months just empty but decided to expand out of just telegram groups and what not. I work in a financial office by day so I had some expertise give me a little guidance but I found reading "New Frontiers in Fibonacci Trading: Charting Techniques, Strategies & Simple Applications" and "Fibonacci For The Active Trader" to be great resources for learning how if you're interested. I find it the most useful of all the indicators because its a leading indicator so if you're trained enough with it, it could help you catch the moves before/as they play out vs after the patterns have already formed and people are trading it. Goes great paired with RSI and MACD as well. Definitely! I'll check it out once I head out of the office and get out of my exam tonight.
Bitcoinblue
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@mduchow, Great o hear man, yes sometimes you need to share ideas to get inspired and sometimes a mirror for yourself as well. The readings you recommend sounds great and I'm definitely going to have a look into them! Thanks for that! Good luck with the exam!