After we broke the slanted h&s neckline we tested the .618 area and have bounced up on good volume... but it means nothing until we regain ema supports and we clear the 4 hr crypto ichi cloud.
Bearish - We bounced up to the underside of the neckline and rejected. We are under key SMAs and EMAs. Haven’t hit h&s target at the .886 retrace.
And - h&s volume confirmation doesn’t apply to low volume assets like in stocks and it doesn’t invalidate the formation - the structure and psychology is enough especially in crypto. Noobs hear something said by a YouTuber and think it’s a hard rule... it’s not and you see we broke down and have rejected off the underside of the neckline.
I’m mid term bullish but not convinced we are ready to break up big time yet. This is in my count a 5th wave off the 4th and those are often sluggish. Once we get into it it could be explosive as in crypto wave 5s are often crazy once they get going.
Risk manager is #1 priority. High risk entering here below supports. Have a plan and buy on support with a clear plan and good risk management.
Bearish - We bounced up to the underside of the neckline and rejected. We are under key SMAs and EMAs. Haven’t hit h&s target at the .886 retrace.
And - h&s volume confirmation doesn’t apply to low volume assets like in stocks and it doesn’t invalidate the formation - the structure and psychology is enough especially in crypto. Noobs hear something said by a YouTuber and think it’s a hard rule... it’s not and you see we broke down and have rejected off the underside of the neckline.
I’m mid term bullish but not convinced we are ready to break up big time yet. This is in my count a 5th wave off the 4th and those are often sluggish. Once we get into it it could be explosive as in crypto wave 5s are often crazy once they get going.
Risk manager is #1 priority. High risk entering here below supports. Have a plan and buy on support with a clear plan and good risk management.
