Evening everyone. Remember this summer when we were all waiting for a little retracement, sideways trading, and back to the races? I almost had my lambo configured and I thoroughly enjoyed imagining how I’d tell my boss to kick rocks if I worked for a living. Aaaaand here we are six months later stuck in the same downward channel.
Good to see some green instead of price wicking down to test spring lows. Unfortunately it’s still well within the range of +/-2 deviations from the mean which is still pointing down. I’m ready for price to rip higher just like everyone else is and I know we all see halving getting closer by the day…but we’re here to make money, right? Let’s stay disciplined.
Top to bottom…
-Price still well under the 200 SMA – bearish
-Price under the 20 EMA – bearish
-Price stalling around the center of the channel – neutral, but dangerous place to enter given the limited upside
-Two month-long areas of market structure to serve as resistance
-MFI failed to break >60 – bearish
Market needs to move up or down from here (shocking, I know). Limited upside with the last swing high at $7758 and resistance near $8400.
I’ll go long on a breakout above $8400 and MFI >60 or hunt for an entry at the bottom of the channel if we break down from here.
I’ll go short in the low $8k range at the top of the channel if price stalls and the MFI prints lower lows.
I won’t enter now…limited profit either direction.
Good luck. Check out HVBTF. Check out Dr. Charles Nenner’s cycle work.
Good to see some green instead of price wicking down to test spring lows. Unfortunately it’s still well within the range of +/-2 deviations from the mean which is still pointing down. I’m ready for price to rip higher just like everyone else is and I know we all see halving getting closer by the day…but we’re here to make money, right? Let’s stay disciplined.
Top to bottom…
-Price still well under the 200 SMA – bearish
-Price under the 20 EMA – bearish
-Price stalling around the center of the channel – neutral, but dangerous place to enter given the limited upside
-Two month-long areas of market structure to serve as resistance
-MFI failed to break >60 – bearish
Market needs to move up or down from here (shocking, I know). Limited upside with the last swing high at $7758 and resistance near $8400.
I’ll go long on a breakout above $8400 and MFI >60 or hunt for an entry at the bottom of the channel if we break down from here.
I’ll go short in the low $8k range at the top of the channel if price stalls and the MFI prints lower lows.
I won’t enter now…limited profit either direction.
Good luck. Check out HVBTF. Check out Dr. Charles Nenner’s cycle work.