Price Action: The candle is pushing north and attempting to turn into a green candle. If the candle successfully turns green and creates a big long wick. The candle can be the support candle for this bullish. The candle won't be closed until this Friday night. Since the candle already discovered the south side and created long wicks. If the candle turns green we will experience the new discovery price on the north side.
Ichimoku Cloud: The price is currently trading above the Kijun-Sen ($109,454.3). If the price continues trading above this level. The trend is validated by the Kijiun-Sen. The Kijun-Sen sometimes plays a role such as a healthy pull back point where you can enter for a long position or a confirmation of a trend. The prices usually pulled back to this line after all time high. Price usually consolidated between (above/below) the lines before the pump in a bull market. The Kijin-Sen is also pushing upward which is a bullish sign but the Tenkan-Sen is flattened out. When the Tenkan-Sen is flat out, the price tends to trade sideways or we can say that the momentum has reduced. Cloud A is still shifting upward while Cloud B has flatted. Cloud A shifting upward means the momentum is still there but the current momentum which is the Tenkan-sen is flat.
Fibonacci: I drawed a fibonacci from $126208.5 to $101.516.5. The all time high point to the 20 billions liquidated event in crypto space. 1 candle made all time high and 1 candle flash crashed to the fair value gap. With the fibonacci, the 0.618 and 0.65 are showing $116,776.2 and $117,566.3. If the low range fib is the bottom then the price has to retrace back to 0.618 in others to continue the massive sell off. So this is playing a key level on the bears for short.
Fair Value Gaps (FVGs): There is a fair value gap when I draw a fip from the previous low in April to the all time high end of September. There is a fair value gap at the 0.65 fib level. Which shows that if the price is retraced back to that level. We are sill in the up trend in favor of the bull
Cipher B: The vwap is trading below money flow and momentum. The Money flow has flatted out while momentum is going down. This is not a good sign because the vwap is pointing south and trading below moneyflow which could lead to the consolidation. The consolidation is not always bad but shows that the trend is cooling down.
Key Levels: 0.618 from bull and bear. If the price is dropped to the fair value gap which is $94.226.1. The actual fair value gap at 0.65 not 0.618 but those levels go together. We will call 126208.5 the top. But if the price is defense above the Kinjun-Sen and does not retrace at the 0.618 from the high to the wick then we are not at the top yet.
Outlook: The change in Tenkan-Sen and Kijun-Sen. The shift of direction in those will be first noticed before anything other factors. Also price trading above/below/between those levels as well.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
