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This weekly chart shows price action is overbought and starting to correct. The candle stick patterns 'spinning top' represent buyer / seller indecision/ This tells us neither buyers or sellers are knowing which direction to go. The bears have clearly taken control following this overbought period.
Trade active:
Bulls got clobbered on last push up. Weekly stochastic crosses down 80 following RSI leaving the overbought condition (green column). Last chance to take profits.
Comment:
Going to close this one now. The probability of downside remains however it is becoming less and less. So if you're shorting, it's time to collect profits!
Is a reversal now coming? Price action is nearing the 21-week EMA (green line), it is not far away.
Is a reversal now coming? Price action is nearing the 21-week EMA (green line), it is not far away.
Trade closed: target reached
My charts are free to all and only an opinion... please do your own research.
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Comments
I have a confession to make and one I am SO embarrassed with. I shorted VETUSDTPERP for about two weeks before getting cold feet and bailing out JUST before it began to show bearish signs. Lost $3K, if I had waited just 1 day I would have been in the green.
I want my money back from F******* VET so heck yes I am going to get back on the horse and short the s*** out of VET.
Would it be too bold to ask for your thoughts on retracement levels? When I shorted the first time, my entry was .01470 ( yes I was in the red the entire two weeks, it was the pits) and my sell was at .01.
I want my money back from F******* VET so heck yes I am going to get back on the horse and short the s*** out of VET.
Would it be too bold to ask for your thoughts on retracement levels? When I shorted the first time, my entry was .01470 ( yes I was in the red the entire two weeks, it was the pits) and my sell was at .01.
Reply
@DrogonAzul, Don't ask, don't get - that's always been my policy. Now since you ask... You're not the only bear to be shaken out this weekend - I suspect many bears were, and that's what the big players in the game want to happen. Make you believe we're entering a new uptrend when the market is overbought. You see this in stock markets too.
Look left... Usually I defer to the monthly chart to identify important levers of support & resistance. Here you can see 0.008-9cents is where price action shall fall to, there's no support until this level. Also this level just so happens to be the golden ratio, 0.618
Monthly chart:
The 10-chart also shows the Stochastic RSI crossing down after 4 months above 20 - very overbought.
Look left... Usually I defer to the monthly chart to identify important levers of support & resistance. Here you can see 0.008-9cents is where price action shall fall to, there's no support until this level. Also this level just so happens to be the golden ratio, 0.618
Monthly chart:
The 10-chart also shows the Stochastic RSI crossing down after 4 months above 20 - very overbought.
Reply
@without_worries, pointing out the Stoch RSI trend on the 10-day chart was brilliant! Are you placing a short at this point for VET?
Reply
@DrogonAzul, no short - in fact I don't have any tokens for this project.
Reply
@without_worries, hey mate! Re-read your idea and updates. Interesting about RSI resistance holding till Nov. Good eye. I am getting into a short at this time to recover them losses I sustained in Aug.
Love poetic justice and loving the TA perspective you share, A real asset to this community.
Love poetic justice and loving the TA perspective you share, A real asset to this community.
Reply
@DrogonAzul, Thanks!
This is the RSI resistance I see. It can certainly be broken before mid-November - who knows. The alt-coin market total continues to look bearish near term so it should be a safe short.
This is the RSI resistance I see. It can certainly be broken before mid-November - who knows. The alt-coin market total continues to look bearish near term so it should be a safe short.
Reply
I see more of a dip to the upside however we are bearish/ corrective in the short term
Reply
@Olutobi-Ogunsemore, Thanks for the feedback!
Further upside? Absolutely possible, these markets are crazy. The risk to the downside seems far greater than any potential reward for additional upside. Remember, all one should care about is buying low, selling high. You'd be amazed to learn that almost 97% of those in the crypto space are incapable of doing this, myself included in the early days.
Further upside? Absolutely possible, these markets are crazy. The risk to the downside seems far greater than any potential reward for additional upside. Remember, all one should care about is buying low, selling high. You'd be amazed to learn that almost 97% of those in the crypto space are incapable of doing this, myself included in the early days.
Reply
Will it go lower? That is possible.
Is it probable? Yes. RSI resistance is holding and is suggested to continue until around mid-November.