On the above 4-day chart price action has corrected 90% since December. Now is an excellent moment to be taking a long position. Why?
1) A strong ‘buy’ signal. Users of PoP, you know what this means on this time frame. Look left.
2) Price action and RSI resistance breakouts.
3) Regular bullish divergence with money flow. Follow the money.
4) RSI moving above 50 for the first time in 144 days. Look left (red circles). It is no mystery what should be expected in the weeks ahead.
5) On ‘what if’ list, all conditions met.
6) Turn your attention to where ‘sellers exhausted’ is written above the extended wicks of the identified candles. When a significant market sell off occurs, consolidates, it is typical to see attempted rallies sold off. What is significant here is just how far the rally moved up before sellers made an appearance. This is classic seller exhaustion signal. Look left.
Bonus chart If you’ve been following my ideas recently you’ll understand the significance of the the BTC pair testing the 2-day/50-day SMA (purple dotted line) following a strong buy signal.
Trade active
⋅
IB signal just printed on the 15hr chart. Look left.
Comment
⋅
Updating the target on this one from 10x to 30x ($4 to $4.50 area). The target is determined from:
1) The 1.618 Fibonacci extension as measured from last market top to correction bottom.
2) Point number (1) must be in combination with a strong buy signal. Check.
3) Price action must have broken resistance. Check.
Let me tell you where almost everyone in the market is at right now…. Boredom.
We’ve done capitulation, anger is done (judging by the comments on the 120k BTC idea, a few rekt outliers but that’s it), and now we’re thoroughly in the ‘boredom’ phase. This is the worst time to be bearish.
On a number of ideas I’m studying, Stargate being one.. boredom of that idea was peaking..
2-day chart
2-day DUSK chart
Be patient, don't let the boredom get to you. Go outside, do something different.
@Tradersweekly, Np surprises for spotting the trader who got rekt this week. If you're wanting to swing trade this environment, don't get angry, just use the indicator. It is knocking it out of the park on the 4-5hr charts. I'm not a trader but I know plenty on here are. You can make a fortune in this environment just by following the signals.
Tradersweekly
⋅
@without_worries, I do not care about some crappy indicator. If it worked, your predictions would not fail one right after another. You continue to blab the same thing. Two months ago, your indicator was printing 32k BTC by the end of July. If I wanted an indicator, I would just look at your work and do the exact opposite; that will probably give me better results over time than your stupid indicator. Really, for someone your age, your opinion is on a level equal to that of a teen.
without_worries
⋅
@Tradersweekly, What exactly is failing? I'm happy to listen... the indicator is not a strategy. Too many folks make that link. The indicator is only a measuring stick, not a signal 'to the moon'. Buy low sell high, that's all it helps you do. Here was a perfect example for a 80% return. Now there's no end of people messaging me why it's going down after hitting the target. All those people are telling me is... 'We don't have a strategy'