Hello everyone,
Well, that was a nice run up and we hit our head on horizontal red resistance like we should. We tested the resistance area twice and went down to test the support area. Al nice but will we get some more love?
That is the question but for now we should:
1. Wait for RSI to cool off so expect a bit of zig zag price.
2. Give MACD a chance to normalize as it is giving a buy signal but that is due to massive spike.
3. Wait volume to go down before an exploding move.
4. Look for price action at important zones.
Therefore:
BUY if:
1. Price tests the 7980 region successfully and bounces up.
2. If a candle closes above 8400 level and 8700 level, we can test the 9300 previous big resistance
3. For the more risky players, believe the chart is showing a C&H pattern and buy now for the move up.
SELL if:
1.Price drops below up trendline support at 7920 level with candle close there. For more conservative play wait candle close below 7800 lvl
2. RSI goes overbought in the red resistance zone and there is a shadow wick that was above, so price was pushed down.
At the moment it is not time to enter.
Thanks.
Well, that was a nice run up and we hit our head on horizontal red resistance like we should. We tested the resistance area twice and went down to test the support area. Al nice but will we get some more love?
That is the question but for now we should:
1. Wait for RSI to cool off so expect a bit of zig zag price.
2. Give MACD a chance to normalize as it is giving a buy signal but that is due to massive spike.
3. Wait volume to go down before an exploding move.
4. Look for price action at important zones.
Therefore:
BUY if:
1. Price tests the 7980 region successfully and bounces up.
2. If a candle closes above 8400 level and 8700 level, we can test the 9300 previous big resistance
3. For the more risky players, believe the chart is showing a C&H pattern and buy now for the move up.
SELL if:
1.Price drops below up trendline support at 7920 level with candle close there. For more conservative play wait candle close below 7800 lvl
2. RSI goes overbought in the red resistance zone and there is a shadow wick that was above, so price was pushed down.
At the moment it is not time to enter.
Thanks.
Comment:
Ascending triangle, watching from break up from it:
Comment:
Going as planned. a bit quicker i might say. Lets see if we bounce from support, long and stop loss at 7900
Comment:
Price couldn't sustain recovery. Looking for break below 7850 with a candle close of at least 1h in that area for confirmation, prior doing anything.
Comment:
Outlook not looking swell. That's one ugly bullish falling wedge, don't think it is in play. Bulls hope is this:
I personally have closed my long position at about break even and looking for a better opportunity to enter.
I personally have closed my long position at about break even and looking for a better opportunity to enter.
