Quick Edit:
I just realized the main chart was not all the way zoomed out to see everything, take a look:
Ok traders. We are starting to see just tiny bits of bullish tendencies in price here. We are locked into a mostly descending wedge on the hourly patterns.
Now in my last idea I painted a fairly bearish picture. Showed you how historically we have broken down the harmonic patterns that developed after a healthy push down. Now the fact remains that on the hourly at least, the 21 and 11 MAs are still stiff arming the price. BUT that doesn't mean that bullish scenarios DONT exist.
Take for example that come right around 23:00 UTC, just right before the daily candle close, we get this rush of bullishness all of a sudden. There are a lot of different hypotheses for that, but I just like to go with good old fashioned American made greed and market manipulation. But manipulation CAN be a good thing! Use it to your advantage. Profit from it or suffer from it.
Now I ask you if the all of a sudden bullishness that started here in the past couple of hours just happens to be that buyers that KNOW there is likely going to be a fury of buying and trying to raise the price at the end of a daily candle close are just digging in their heels into a good position and waiting for the big fish to arrive?
There are a number of scenarios. Trade the eventuality. I would wait to see what happens with this gush of bullishness. I'm fairly sure we do get at least close to the top trend line. IF we can't break it, we sink.
Hold off on being in any position until we get clearer answers... Do as the chart says. If we break above the trend line, enter long. If we break below, enter short. Use your thresholds for stop loss, don't lose more than you can afford... But also recognize that for every breakout, there is a retracement after.
Retracements occur because opposite positions to price trend have closed their positions and it changes the supply/demand ratio, especially when a lot of people do so.
Have fun, make profits, trade safe!
I just realized the main chart was not all the way zoomed out to see everything, take a look:
Ok traders. We are starting to see just tiny bits of bullish tendencies in price here. We are locked into a mostly descending wedge on the hourly patterns.
Now in my last idea I painted a fairly bearish picture. Showed you how historically we have broken down the harmonic patterns that developed after a healthy push down. Now the fact remains that on the hourly at least, the 21 and 11 MAs are still stiff arming the price. BUT that doesn't mean that bullish scenarios DONT exist.
Take for example that come right around 23:00 UTC, just right before the daily candle close, we get this rush of bullishness all of a sudden. There are a lot of different hypotheses for that, but I just like to go with good old fashioned American made greed and market manipulation. But manipulation CAN be a good thing! Use it to your advantage. Profit from it or suffer from it.
Now I ask you if the all of a sudden bullishness that started here in the past couple of hours just happens to be that buyers that KNOW there is likely going to be a fury of buying and trying to raise the price at the end of a daily candle close are just digging in their heels into a good position and waiting for the big fish to arrive?
There are a number of scenarios. Trade the eventuality. I would wait to see what happens with this gush of bullishness. I'm fairly sure we do get at least close to the top trend line. IF we can't break it, we sink.
Hold off on being in any position until we get clearer answers... Do as the chart says. If we break above the trend line, enter long. If we break below, enter short. Use your thresholds for stop loss, don't lose more than you can afford... But also recognize that for every breakout, there is a retracement after.
Retracements occur because opposite positions to price trend have closed their positions and it changes the supply/demand ratio, especially when a lot of people do so.
Have fun, make profits, trade safe!
CURRENT TREND: