If you follow my twitter (@Bitcoin_Bryson) you'll know I have been loving this coin for a while now (well, plus my personal account, but I finally decided to breakout and make a crypto account). Why not? Great dev team, good fundamentals, a working platform that is quietly acquiring other coins/dApps. News that it will be Ledger-compatible also should help the adoption of this platform. This is TA, though, and sometimes the signs just don't align with your personal sentiment.
After a promising looking fakeout to the upside, I said there were a couple of things I was looking for to feel more confident that we were looking at a bullish breakout. 1. We needed to see the next few candles stay above the .5 fib line. 2. We needed to close on top of the 30EMA. We failed to achieve those two things over the past two days, and ultimately have seen this consolidation give evidence that there might be a bearish break. The current price action still fits the general trend, but I've illustrated the previous bottom trend line as a broken line and redrawn the new one. Not much difference, probably should have drawn it this way earlier.
I'm not one for micro-trends but when it comes to consolidation it's necessary to evaluate every angle. In light blue I've drawn a potential bear flag developing over the past few days. Granted, I would have liked it to bounce a little more to confirm, and I really don't think it will play out this way as we need to consolidate a little more, but it's a possibility. Set your stop losses accordingly; this refusal to break above the .5 Fib has caused me to tighten mine.
Happy trading!
After a promising looking fakeout to the upside, I said there were a couple of things I was looking for to feel more confident that we were looking at a bullish breakout. 1. We needed to see the next few candles stay above the .5 fib line. 2. We needed to close on top of the 30EMA. We failed to achieve those two things over the past two days, and ultimately have seen this consolidation give evidence that there might be a bearish break. The current price action still fits the general trend, but I've illustrated the previous bottom trend line as a broken line and redrawn the new one. Not much difference, probably should have drawn it this way earlier.
I'm not one for micro-trends but when it comes to consolidation it's necessary to evaluate every angle. In light blue I've drawn a potential bear flag developing over the past few days. Granted, I would have liked it to bounce a little more to confirm, and I really don't think it will play out this way as we need to consolidate a little more, but it's a possibility. Set your stop losses accordingly; this refusal to break above the .5 Fib has caused me to tighten mine.
Happy trading!