A potential rally was suggested in the previous post. A fake breakdown of the support followed by a strong reversal. Notice positive divergences on the indicators. The trapped sellers had to cover and flip positions. A breakout of the smaller balance to upside added more fuel to the move. Now, the price is at inflection point while being overbought short term. We may see a potential profit taking in the overnight session or tomorrow. The bearish case is not dismissed. This is a retest of the broken balance.
Enjoy the rides of this wild market. Stay nimble and rely on technicals and market structure.
or a test of the broken top ? :) tech analysis is the most annoying science ever invented...
SviCapital
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@LoLBeach, well, I try to keep it simple based on the most immediate price action. Don’t really like the predictions.
CodedFlow
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@SviCapital, only accountants don't do predictions. financial smes do... by nature :)
SviCapital
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@LoLBeach, that’s what gets them in trouble. The more you analyze the more you get attached, the more you get attached the more your ego gets hurt when the market does something different...why bother? Plus the outcome of each trade is random. Playing odds is more profitable.
CodedFlow
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@SviCapital, 1. this is the most prudent when you start no doubt 2. once you have put a well oil system in place... you can really take chances... still considering point 1 tho' :) and yes - point 2 is not for juniors under 5 years of studies