Well howdy doo y’all!
Afteraction:
A declining volume with a rising price is indicative of an impending drop. I erred on the side of caution since we were coming up on a major resistance level. What we learned though is that the bears are taking a small vacation atm. (link to previous callout below)
Analysis:
So we just waltz through a major resistance on even lower volume levels. We can take this as a sign that the bears are away sipping margaritas on some beach somewhere...the only question is; when will they return from their trip?
Now you ask “You said that low volume levels means the drop is coming. Why are you calling long now?” AHA! Now the game is afoot!
If you take a look at this image here you will see in the circle another instance where there was not a strong move through what was a major resistance level at the time. Even though that it was a weak move, it still went on to make more gains before the major drop.
So now the name of the game is “How much can the bulls squeeze out before the bears come back home?”
Call: Long
Target: Buy-$6,970 Sell-$7,300
Stop Loss: (no specific price) Drops below the green line with the purple circle on it.
Remember, don't drink and trade...always ask someone to hold your beer first!
((Guide:
Solid Lines: High Strength Support/Resistance
Small Dotted Lines: Medium Strength Support/ Resistance
Lines with Dash Marks: Low Strength Support/ Resistance
*White Dashed Line: Weak-Ass Punk Support/ Resistance
Circles: points of interest))
Afteraction:
A declining volume with a rising price is indicative of an impending drop. I erred on the side of caution since we were coming up on a major resistance level. What we learned though is that the bears are taking a small vacation atm. (link to previous callout below)
Analysis:
So we just waltz through a major resistance on even lower volume levels. We can take this as a sign that the bears are away sipping margaritas on some beach somewhere...the only question is; when will they return from their trip?
Now you ask “You said that low volume levels means the drop is coming. Why are you calling long now?” AHA! Now the game is afoot!
If you take a look at this image here you will see in the circle another instance where there was not a strong move through what was a major resistance level at the time. Even though that it was a weak move, it still went on to make more gains before the major drop.
So now the name of the game is “How much can the bulls squeeze out before the bears come back home?”
Call: Long
Target: Buy-$6,970 Sell-$7,300
Stop Loss: (no specific price) Drops below the green line with the purple circle on it.
Remember, don't drink and trade...always ask someone to hold your beer first!
((Guide:
Solid Lines: High Strength Support/Resistance
Small Dotted Lines: Medium Strength Support/ Resistance
Lines with Dash Marks: Low Strength Support/ Resistance
*White Dashed Line: Weak-Ass Punk Support/ Resistance
Circles: points of interest))
