The good:
-Weekly trend won’t break without a close below $97.88. Not impossible, but there sure were a lot of buyers when the wick fell off a cliff.
-Still above the 50 MA (my buy/sell line)
-The first two big legs up were profitable and had a 30% pull back between them. This one is sitting at 28%...not irregular by any measure so far.
-Both pull backs stopped at a .5 fib retracement unless we close below $103 this week
The bad:
-The 5 RSI is working on a close below the mid-line unless price turns around in a big way by Sunday
-The daily candle is 15% under the buy/sell line
-The 4h candle is 8% under the buy/sell line
-The 1h candle is back above the buy/sell line but ranging sideways…not a confident rebound
The ugly:
-Bearish divergence between price and momentum on the RSI. That doesn’t scream ‘higher price upon rebound’ to me…but I’m a rule based indicator trader, so I’ll trade what the market gives me.
There’s some fib levels on the right with prices that came from the 2017-18 peak to December trough for everyone who likes price targets instead of indicators.
I’ll go long for a halving pump on the daily chart when I see an upside cross on the 5 RSI and a close above the 50 MA…probably the $120ish range. Until then the momentum appears down even though the weekly chart still has some hope and the 1h chart just leveled out.
And I’ll just leave this here…
cryptodaily.co.uk/20...-previous-experience
-Weekly trend won’t break without a close below $97.88. Not impossible, but there sure were a lot of buyers when the wick fell off a cliff.
-Still above the 50 MA (my buy/sell line)
-The first two big legs up were profitable and had a 30% pull back between them. This one is sitting at 28%...not irregular by any measure so far.
-Both pull backs stopped at a .5 fib retracement unless we close below $103 this week
The bad:
-The 5 RSI is working on a close below the mid-line unless price turns around in a big way by Sunday
-The daily candle is 15% under the buy/sell line
-The 4h candle is 8% under the buy/sell line
-The 1h candle is back above the buy/sell line but ranging sideways…not a confident rebound
The ugly:
-Bearish divergence between price and momentum on the RSI. That doesn’t scream ‘higher price upon rebound’ to me…but I’m a rule based indicator trader, so I’ll trade what the market gives me.
There’s some fib levels on the right with prices that came from the 2017-18 peak to December trough for everyone who likes price targets instead of indicators.
I’ll go long for a halving pump on the daily chart when I see an upside cross on the 5 RSI and a close above the 50 MA…probably the $120ish range. Until then the momentum appears down even though the weekly chart still has some hope and the 1h chart just leveled out.
And I’ll just leave this here…
cryptodaily.co.uk/20...-previous-experience
Comment:
Looks like I was off by a dollar on that trend line break...$96ish. Did anyone think we'd see double digit Litecoin before another halving pump?