Please be sure to leave a like and follow as always which is much appreciated, without further a due we're gonna dig in quick but this is just gonna be a real quick and short Idea since it's just an add-on to my previous Idea that I'm mainly posting again as the previous chart was uploaded on my phone and didn't seem to load in correctly. So read the linked related Idea if you want it all but this is simply it summed anyway. Thanks again for tuning in!
Channel Action
Whenever we exited out of that descending channel we would break out before we’d get rejected close to that $35,500 mark which would lead then to us falling again and seeing those pull downs occur. At our current point on the chart you can see how we just barely managed to break out of the descending channel however we are still dangerously close in my opinion. Close enough to get dragged back into that channel that is which should be noted. I have also added circles to highlight those channel exit and entry points and what preceded them. So by that you can figure we’ll dump again if we enter that channel based on past price action. Also to watch is our 20 and 50 day EMA to see if we’ll get another crossover or if the 20 day will fall/continue to hover below that 50 day which as well will flip bearish if that continues.
Out of danger? Or still there
Yes there's still a risk of things continuing to intensify and fall as the market and it's retail investors sit idly by or trade cautiously anticipating a Fed looking to push more pressure onto a market that's just barely starting to get back on it's feet following the tumultuous fall and liquidity that left markets last week as the market took a sharp turn. Our previous peak on the hourly nearly made it to that $35,500 threshold marking a lower high vs the previous of $35,800 point. On top of that we are also practically neighbors still with that descending channel and if we get pulled back into that channel it'll be extremely bearish unless strong buy pressure enters. So watch for that. The farther we get away from that channel the better, we just want to see a move away from that in the least.
Elliot wave
I marked down our Elliot wave to see if that would offer anything which in the least it's shown us the lower highs that have been forming which has brought us down basically to our current point leading me to wonder if it's from this point we'll see things shift back or if the wave will continue to descend. We're already at February 2021 levels however that was following a massive runup with us having had fallen before all the way to 18k when Covid first hit. So it's pretty interesting to look at things with the day time frame and realize just where we are currently on the chart. Really makes you wonder a lot and as just what kind of chart we're looking at/what point it is.
Anyway thanks for tuning in and agin feel free to leave a like or follow, thanks!
~ Rock
Channel Action
Whenever we exited out of that descending channel we would break out before we’d get rejected close to that $35,500 mark which would lead then to us falling again and seeing those pull downs occur. At our current point on the chart you can see how we just barely managed to break out of the descending channel however we are still dangerously close in my opinion. Close enough to get dragged back into that channel that is which should be noted. I have also added circles to highlight those channel exit and entry points and what preceded them. So by that you can figure we’ll dump again if we enter that channel based on past price action. Also to watch is our 20 and 50 day EMA to see if we’ll get another crossover or if the 20 day will fall/continue to hover below that 50 day which as well will flip bearish if that continues.
Out of danger? Or still there
Yes there's still a risk of things continuing to intensify and fall as the market and it's retail investors sit idly by or trade cautiously anticipating a Fed looking to push more pressure onto a market that's just barely starting to get back on it's feet following the tumultuous fall and liquidity that left markets last week as the market took a sharp turn. Our previous peak on the hourly nearly made it to that $35,500 threshold marking a lower high vs the previous of $35,800 point. On top of that we are also practically neighbors still with that descending channel and if we get pulled back into that channel it'll be extremely bearish unless strong buy pressure enters. So watch for that. The farther we get away from that channel the better, we just want to see a move away from that in the least.
Elliot wave
I marked down our Elliot wave to see if that would offer anything which in the least it's shown us the lower highs that have been forming which has brought us down basically to our current point leading me to wonder if it's from this point we'll see things shift back or if the wave will continue to descend. We're already at February 2021 levels however that was following a massive runup with us having had fallen before all the way to 18k when Covid first hit. So it's pretty interesting to look at things with the day time frame and realize just where we are currently on the chart. Really makes you wonder a lot and as just what kind of chart we're looking at/what point it is.
Anyway thanks for tuning in and agin feel free to leave a like or follow, thanks!
~ Rock
