Hi all, I haven't posted in a while (although I'm fairly sure no one pays attention anyways lol), but I'm here with a chart that's short, sweet, and to the point.
Looking at the weekly chart, I have my eyes on two points that would determine a move. By the end of the week, if we-
1) Close at or below 168.50, consider selling your position and look towards some nastier downside, possibly into the 130s.
2) Close at or above 202, consider buying or holding your position, as we will be breaking out of a channel that we have established.
Which is more likely? It's hard to say. A few days ago, we touched a very much needed Fib point at 162, so this could possibly be the end of our retrace, and a continuation towards ascension. As we all know with crypto, there is not hard evidence towards one answer or the other, so the best we can do is keep an eye on what our signals are telling us. I'm aware that my two target lines are nearly 40 dollars apart, but these are the sort of confirmations we must await for bigger plays.
Trade safe and have fun!
Looking at the weekly chart, I have my eyes on two points that would determine a move. By the end of the week, if we-
1) Close at or below 168.50, consider selling your position and look towards some nastier downside, possibly into the 130s.
2) Close at or above 202, consider buying or holding your position, as we will be breaking out of a channel that we have established.
Which is more likely? It's hard to say. A few days ago, we touched a very much needed Fib point at 162, so this could possibly be the end of our retrace, and a continuation towards ascension. As we all know with crypto, there is not hard evidence towards one answer or the other, so the best we can do is keep an eye on what our signals are telling us. I'm aware that my two target lines are nearly 40 dollars apart, but these are the sort of confirmations we must await for bigger plays.
Trade safe and have fun!