Previous analysis/position: Did not like divergences in buying volume/pressure. However volume profile showed too little resistance built up from here to $90 to make me change my plan. Maxed out my position when the green 2 traded above a green 1. Long from $68.09
Patterns: Pitchfork. Bull flag on the 1 hour chart.
Horizontal support and resistance: Attempting to turn $70 resistance into support.
9 & 21 EMA’s (calculate % difference): Even with price and getting ready to make bullish crossover.
50 & 200 MA’s: 50: +1.21% 200: Equal with price and just started to angle back upward.
FIB’s: 0.382 coming up at $71 - $73 depending on how you draw it. Do not expect it to be a problem because it was already violated on last pump.
Candlestick analysis: Nice bullish engulfing on the 12h.
Ichimoku Cloud: Daily: Recent bearish TK’ Cross. Bullish kumo twist. Price above cloud. Just re entered 12h cloud and it is showing good support at $69.50
TD’ Sequential: Green 4 on the daily. Green 2 below a green 1 on the monthly.
Visible Range: Largest volume profile at $69.10 over last 24 hours. Largest volume at $69.20 over last 10 days. Very significant volume at $69.18 and $70.4 - $71.70. Very little volume above $72.60.
Bollinger Bands: Wicked off weekly MA. Daily MA at $71.40.
Trendline: Pitchfork starting in June of 2017
Daily Trend: Bullish
Fractals: DOWN: $67.26 UP: $74.75
On Balance Volume: Coming up with price on daily. Large bear divergence on weekly. Bear div’ on monthly.
Chaikin Money Flow: Higher low after supporting > 0.05 on weekly. Trending for a 0.0 - 0.05 retest on daily. If it goes below 0 it would be very significant.
Conclusion: Still feel uncomfortable with the bearish divergences in the buying pressure/volume. However, everything is still going according to plan. I picked $67.50 as the lowest this pullback would go and got filled very close to the local low. I would have like to see a stronger rally after the green 2 traded above a green 1 but I am very glad to see us back above $70. There is currently a bull flag forming on the 1 hour chart as we attempt to turn prior resistance into support and that could provide a good opportunity for an entry in the next few hours. The 9 and 21 EMA’s are also posturing for a bullish crossover and that could provide a good entry in the next 24 - 48 hours. I am already fully positioned myself. Stop loss could be set at $62.18 or $66.53 depending on leverage and risk appetite.
Patterns: Pitchfork. Bull flag on the 1 hour chart.
Horizontal support and resistance: Attempting to turn $70 resistance into support.
9 & 21 EMA’s (calculate % difference): Even with price and getting ready to make bullish crossover.
50 & 200 MA’s: 50: +1.21% 200: Equal with price and just started to angle back upward.
FIB’s: 0.382 coming up at $71 - $73 depending on how you draw it. Do not expect it to be a problem because it was already violated on last pump.
Candlestick analysis: Nice bullish engulfing on the 12h.
Ichimoku Cloud: Daily: Recent bearish TK’ Cross. Bullish kumo twist. Price above cloud. Just re entered 12h cloud and it is showing good support at $69.50
TD’ Sequential: Green 4 on the daily. Green 2 below a green 1 on the monthly.
Visible Range: Largest volume profile at $69.10 over last 24 hours. Largest volume at $69.20 over last 10 days. Very significant volume at $69.18 and $70.4 - $71.70. Very little volume above $72.60.
Bollinger Bands: Wicked off weekly MA. Daily MA at $71.40.
Trendline: Pitchfork starting in June of 2017
Daily Trend: Bullish
Fractals: DOWN: $67.26 UP: $74.75
On Balance Volume: Coming up with price on daily. Large bear divergence on weekly. Bear div’ on monthly.
Chaikin Money Flow: Higher low after supporting > 0.05 on weekly. Trending for a 0.0 - 0.05 retest on daily. If it goes below 0 it would be very significant.
Conclusion: Still feel uncomfortable with the bearish divergences in the buying pressure/volume. However, everything is still going according to plan. I picked $67.50 as the lowest this pullback would go and got filled very close to the local low. I would have like to see a stronger rally after the green 2 traded above a green 1 but I am very glad to see us back above $70. There is currently a bull flag forming on the 1 hour chart as we attempt to turn prior resistance into support and that could provide a good opportunity for an entry in the next few hours. The 9 and 21 EMA’s are also posturing for a bullish crossover and that could provide a good entry in the next 24 - 48 hours. I am already fully positioned myself. Stop loss could be set at $62.18 or $66.53 depending on leverage and risk appetite.
Trade closed: stop reached
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