A KISS chart, a fatal Kiss to the Downside
So here is another chart I present you. We've had a good efficacy rate on all charts however; does this mean that one should trust a published chart, but rather, scrutinise it via cross-correlation of one's own technical analysis.
I point out that i am not a perma bull or bear, I will however trade long or short over a long period of time, and there's been nothing to suggest a long trade is on the cards as per my own analysis. We are in a precarious situation, you will see from the moving averages (we are using the 50MA and 200MA on the hourly) how we are hitting resistance on the bearish trend line which is rejecting a break out, and the 200 moving average is practically on top of this trend line, so we have a good point of reference when to go long, or close a short, and that is when and if we break that bearish trend line, and hold above the 200 MA. I can not stress the importance to wait for confirmation on breaking or popping above a moving average, as I have seen so many get REKT entering to soon, only to see the candle move against them.
SO, if we break above the 200 MA, and this applies to the 50 MA which is acting as support, we need confirmation. I am of the view we are going to have a lot more down side, I am also not delusional to the fact there could be a push to the upside of $9,200.
I will leave the rest of the chart to speak for itself
I point out that i am not a perma bull or bear, I will however trade long or short over a long period of time, and there's been nothing to suggest a long trade is on the cards as per my own analysis. We are in a precarious situation, you will see from the moving averages (we are using the 50MA and 200MA on the hourly) how we are hitting resistance on the bearish trend line which is rejecting a break out, and the 200 moving average is practically on top of this trend line, so we have a good point of reference when to go long, or close a short, and that is when and if we break that bearish trend line, and hold above the 200 MA. I can not stress the importance to wait for confirmation on breaking or popping above a moving average, as I have seen so many get REKT entering to soon, only to see the candle move against them.
SO, if we break above the 200 MA, and this applies to the 50 MA which is acting as support, we need confirmation. I am of the view we are going to have a lot more down side, I am also not delusional to the fact there could be a push to the upside of $9,200.
I will leave the rest of the chart to speak for itself