I expect low volume to be used to shift prices over the holidays. However I have presents to put under the tree.
1hr analysis Try to blank out what doesn't look relevant as I can't be arsed hiding lines etc to make it simpler and cleaner (this is why a layers/groups option on drawings would be ideal, remove drawing objects related to an idea eg all trend lines or later for diamond bottom at the click of a button) anyway I digress Looks to be painting a flag (blue line...
I am currently looking for indication the next move will take us to the 61.8, possibly 78.6 fib The 61.8 fib lines up with current level and size of earlier candle 3240 - 3470 Looking at volume profile I have orders to add long if we retouch the 3240 support or wick to 0 fib at 3200 I already have a short open from 36 so will keep a close stop on long,...
This is an example of a possible inverse head & shoulders on 4hr and below time frames. The levels can be matched up with spikes and dips in the volume profile Levels to watch Right shoulder tip: 4150-4100 Neckline: 4280 - 4320 Right shoulder base: 4370 - 4400
Notice other resistance / support levels have been retested. Except for 1337 Leet Elite support level
The double bottom pattern is appearing on the alt coins now.
It looks like the setup is there but is the volume?
This is the setup I am currently watching. If this is the pattern then start laddering long orders 1008 to 1020 Stop Loss 998
These rays from January 2015 can be used to plot almost every candle top, bottom and wick.
Next time we drop I think the wick could be anywhere between 4760-4640 as its a bit of a drop. I think the price will be pushed back up to 4820-4840 for the candle close and bounce. Left side shows volume profile for October / November last year when we were at this price level Righ side shows current candles and order blocks to match up with the left
A couple of wedges still in tact As usual I was asleep when the drop happened, UTC+10 is a pain in my A$$. Any way my position here is a possible retest Hopefully 6k, I don't think we will get back to where we came from. If the play continues short then I am looking at previous order block around 48 If we wait long enough for shorts to build and get some fomo...