Price action in this consolidation... Double Busted Symmetrical Triangle? .. Bull Pennant? ... Bull Flag?... Complex Inverse Head and Shoulders?
Whatever, whoever -is responsible for this incredibly sloppy price action (since reaching a new ATH) has NOT made forecasting these movements a very clear task..
Waiting for some significant volume to determine if this is indeed a breakout, or if it will be one last test of this resistance before a significant correction.
HOWEVER -it's really hard to be bearish on the Corn right now.
EVEN THOUGH:
- DXY is still gaining strength and is heading towards the 200 DEMA, near 93.2%.. a 2.6% positive move.
+ Hidden bullish Div on DXY (daily RSI)
- INV correlation between DXY and BTC/USD has been about 15:1 (1% move up for DXY = 15% correction for BTC/USD)
- A handful of indicators are STILL hinting towards BTC being overbought
Confirmations for entry:
- 4hr close above $37.9K
- Positive volume > 21MA ($614.59MM)
- 4hr BULLISH confirmation on MACD
RRR for a buy at the breakout price of $37.929 and a T3 $69.474 is about 12.3.. however, if this bullish move is NOT a fakeout, I will let a significant amount of the trade ride the wave of BULLISH MOMENTUM.
Rather bland analysis, but aside from the sloppy price action and lack of volume, I believe this to be fairly straight forward.
What are you all seeing? Do you think bitcoin is headed higher.. or do you think this is a fake out?
Whatever, whoever -is responsible for this incredibly sloppy price action (since reaching a new ATH) has NOT made forecasting these movements a very clear task..
Waiting for some significant volume to determine if this is indeed a breakout, or if it will be one last test of this resistance before a significant correction.
HOWEVER -it's really hard to be bearish on the Corn right now.
EVEN THOUGH:
- DXY is still gaining strength and is heading towards the 200 DEMA, near 93.2%.. a 2.6% positive move.
+ Hidden bullish Div on DXY (daily RSI)
- INV correlation between DXY and BTC/USD has been about 15:1 (1% move up for DXY = 15% correction for BTC/USD)
- A handful of indicators are STILL hinting towards BTC being overbought
Confirmations for entry:
- 4hr close above $37.9K
- Positive volume > 21MA ($614.59MM)
- 4hr BULLISH confirmation on MACD
RRR for a buy at the breakout price of $37.929 and a T3 $69.474 is about 12.3.. however, if this bullish move is NOT a fakeout, I will let a significant amount of the trade ride the wave of BULLISH MOMENTUM.
Rather bland analysis, but aside from the sloppy price action and lack of volume, I believe this to be fairly straight forward.
What are you all seeing? Do you think bitcoin is headed higher.. or do you think this is a fake out?
