Was I wrong about OP back in December? Yep. I sure was. I'm not afraid to admit it, either. Nobody is right 100% of the time and if they claim to be, they're lying to you.
Alright, now that we have that behind us, lets look at OP from a purely tecnicaly perspective. I'm going to focus on the wavemaster and the momentum indicators and check the confluence they have with each other here on this 4h timeframe.
The red eyes on the chart are displayed when buy or sell signals formed on both indicators. The most recent orange eye happened to occur when the wavemaster indicator signaled a sell, but the momentum indicator showed that we weren't at the top of the momentum channel (not displayed).
We're also starting to see some signs of bearish divergence on these higher timeframes and we're also starting to see patterns of higher highs and higher lows with some compression evidence as well. I'd rather wait to see how the formation breaks vs trying to just simply short here and hope for the beest.
If you tried to short back in December, for instance, and had no risk management, your face got ripped off completely. At least exit with some dignity and know when you're wrong. Leave the asset and move on to something else if you're wrong. You can always come back and revisit another day which is exactly what I am doing with OP now. I walked away, let it go nuts, and now I'm back watching the formation to see what is coming next.
I'll continue to wait. The formation we're in typically resolves down, but we'll have to see what BTC decides to do and see if alts follow suit. Pay attention to USDT.D and BTC.D on higher timeframes. They'll give you the first clue as to what the market wants to do.
Alright, now that we have that behind us, lets look at OP from a purely tecnicaly perspective. I'm going to focus on the wavemaster and the momentum indicators and check the confluence they have with each other here on this 4h timeframe.
The red eyes on the chart are displayed when buy or sell signals formed on both indicators. The most recent orange eye happened to occur when the wavemaster indicator signaled a sell, but the momentum indicator showed that we weren't at the top of the momentum channel (not displayed).
We're also starting to see some signs of bearish divergence on these higher timeframes and we're also starting to see patterns of higher highs and higher lows with some compression evidence as well. I'd rather wait to see how the formation breaks vs trying to just simply short here and hope for the beest.
If you tried to short back in December, for instance, and had no risk management, your face got ripped off completely. At least exit with some dignity and know when you're wrong. Leave the asset and move on to something else if you're wrong. You can always come back and revisit another day which is exactly what I am doing with OP now. I walked away, let it go nuts, and now I'm back watching the formation to see what is coming next.
I'll continue to wait. The formation we're in typically resolves down, but we'll have to see what BTC decides to do and see if alts follow suit. Pay attention to USDT.D and BTC.D on higher timeframes. They'll give you the first clue as to what the market wants to do.