WHAT WE HAVE
Down channel (primary support witch is better to expect an up breakout)
Strong breakout (price is moving strongly with volumes)
Strong pull back movement (witch is better to see creation of an up trend, ofc it must react on support)
WHAT I THINK
First I will say, this isn't a long signal because the setup appear after a short daily setup like I said in my bear analysis witch is attached to this idea. Also we are in a down trend on daily timeframe so it's better to wait to maximize probabilities to reach targets.
Furthermore there is no clear setup or signals for the moment, it's just a large view of what could the market do in the next days. Like I said on the other idea : "Making money in trading is math and respect of strategy, so never let your emotions guide you in uncomfortable positions".
Still, if we see appear signals of buying pressure and buying volumes on the broken tertiary resistance which would become support (orange circle) probabilities to see the market going to is target (witch is the channel height, white arrow pointing on). Furthermore their isn't resistance before the creation of a bigger channel, and if we go to the first target it could be a good opportunity to reach the resistance of the underlying channel, around $60,000 (gray arrow).
In contrast, if we see the price going back in the channel it will be an invalidation and the channel should no longer be taken into account. It would then leave its place to the bearish scenario that I explained in the idea attached to this one.
To finish, be careful on your trades, if I had only one advice to say from what I see it should be : "Wait to see where the market want to go and follow the trend".
PS : Apologize for my english, I do my best. Merry Christmas everyone !
Down channel (primary support witch is better to expect an up breakout)
Strong breakout (price is moving strongly with volumes)
Strong pull back movement (witch is better to see creation of an up trend, ofc it must react on support)
WHAT I THINK
First I will say, this isn't a long signal because the setup appear after a short daily setup like I said in my bear analysis witch is attached to this idea. Also we are in a down trend on daily timeframe so it's better to wait to maximize probabilities to reach targets.
Furthermore there is no clear setup or signals for the moment, it's just a large view of what could the market do in the next days. Like I said on the other idea : "Making money in trading is math and respect of strategy, so never let your emotions guide you in uncomfortable positions".
Still, if we see appear signals of buying pressure and buying volumes on the broken tertiary resistance which would become support (orange circle) probabilities to see the market going to is target (witch is the channel height, white arrow pointing on). Furthermore their isn't resistance before the creation of a bigger channel, and if we go to the first target it could be a good opportunity to reach the resistance of the underlying channel, around $60,000 (gray arrow).
In contrast, if we see the price going back in the channel it will be an invalidation and the channel should no longer be taken into account. It would then leave its place to the bearish scenario that I explained in the idea attached to this one.
To finish, be careful on your trades, if I had only one advice to say from what I see it should be : "Wait to see where the market want to go and follow the trend".
PS : Apologize for my english, I do my best. Merry Christmas everyone !
