Short thesis:
- Daily inverted cup & handle pattern
- Bearish golden cross formation on EMAs
- Daily technicals flashing weighted sell signals (oscillators, pivots, moving averages)
- Validated retest of daily higher lows
Price Target: $41-42K range into next week
- Daily inverted cup & handle pattern
- Bearish golden cross formation on EMAs
- Daily technicals flashing weighted sell signals (oscillators, pivots, moving averages)
- Validated retest of daily higher lows
Price Target: $41-42K range into next week
Comment:
break/hold of 0.236 Fib @ $45,718 critical to validate $41-42K range this week
Comment:
Should now test Daily HL which is sitting right above 0.382 Fib level of $41,772
Comment:
Daily HL has been tested and printed 40,600. Suspect we might now revisit Sept HL around 39,500 which is a local demand zone + srong 0.5 fib support level. This is where I'll likely close shorts and take starters on longs especially alts that have showed relative strength. Potentially a huge leg up after this distribution has been absorbed by demand. Best to be patient and validate through price action.
Trade closed: target reached:
Shorts closed @ $39.6K and took long starters