If you want to be a successful trader you have to learn to read the charts; price action reflects psychology behind the market, once you understand that you'll be one step ahead in the game.
This particular chart is a textbook example of support and resistance generating price structure: $180 was a resistance threshold at first and once broken is being retested...
This is the retest I was waiting for: a few days ago I posted an idea on #T highlighting a broken head and shoulders pattern. Today's candle loos like the perfect retest of the old resistance as new support.
Today's pin candle shows buyers' pressure around $31.50 and this seems a perfect area to go long; as always, evaluate this trade based on your risk aversion...
Two inside candles have formed after the big red candle of 3 days ago.
Generally inside candles indicate a pause in the current trend and as these two happen to also be dojis they caught my attention. Price action is currently near most recent support which might indicate a swing is around the corner.
Today's big green candle clearly marks the break of the Head and Shoulders' pattern neckline at the $31.50 mark.
Factors confluence also calls for EMA200 break at the same level (not shown in this chart). Target from here on is $36.
Ethereum has been slaughtered in the last week and has touched the all time low. Not a good sign, but we have to see what's next before taking any assumption. This support is critical and it if is broken only bad things can happen from here.
Hopped long on #DBX a few minutes ago with 100 shares, added a covered call to hedge the position: maximum risk from original trade was $200 and now sold a covered call for a $75 premium. This will reduce total maximum risk at $125.
My custom built "buy the dip" indicator started to give BUY signals on #JNJ a few days ago; factor confluence was given by the gap closure (see yellow box) where price action printed a neat bullish outside reversal candle at key support level.
Got in @ $130.65 and still riding
Hopefully this could be the trigger; not calling a reversal yet, neither a steep surge from here, but this might be the confirmation that the worst is over.
Technically speaking #BTC is sitting at major support @ $6000 which held pretty solid till now; shallow recovery signals in the past weeks/months didn't find the needed followthrough, but this Head and...
This bullish flag is pretty interesting because it comes after the rally of a few weeks ago, which turned the sentiment on #ethereum. Technically speaking it lines up with either .618 Fibonacci level and a previous resistance area (around $550 handle) which now should provide some support.
Might be a good point for the next leg up.