For those who have the means and the patience to take a long term position on the market, as opposed to getting routinely dickfcked on intraday forex charts, charts don't get much cleaner looking than gold does..
Enter at around 1770.
Ride up to at least 2400.
Overextended breakout rally, running into high volume resistance level. Long positions will start exiting here, and shorters will start selling. Entry is an conglomeration of Fib extension and retracement levels (not shown), a PoC on previous consolidation, and notch in visible Volume profile.
Confluence of Harmonic levels line up right inside a 'Rinse Sandwich' (area between obvious Stop Loss Level and Structural Support.
Keep stops tight for maximum rr, or widen stop for less rr, but less chance of getting dickfucked out ur position.
Whilst Bitcoin still has to be considered to be in a bull trend on the Daily timeframe, the 4hr chart indicators are showing signs of breaking down. The likelihood is that Bitcoin has entered a range, and needs to find support at the lower end of the range.
Trade box is demonstrative only. Do own due diligence on 30 min charts for entries.
Need to be quick to hit this.
Bottom has been 'tested', and there are no doubt lots of bottom catchers all piling in. In my experience however, if the bottom was in, then 'they' would have run the stops out from previous pivot low, which they haven't......
track price with 61.8% retrace for optimal trend following entry.
Trade box as shown on chart, is valid...
Definitely bullish on Gold, but if Gold keeps pushing up and breaks out on this swing up, then have to consider the likelihood of a strong reversal back into the range coming off the back of it.
Would prefer to see Gold retrace about now, and move back down into range. if it can get back down to around $1700 first, then I would hit the long on the break of $1725.
Despite the massive price swings, Bitcoin chart over the past year is behaving just like an intraday range bound chart on the 30 min - 5 min time frames.
The Kool-Aid brigade expect nothing less than $100K by the end of 2021, cos 'The Halving, Stupid'.
Seasoned pros are expecting a post halving Sell-Off down to $7.5K.
Nobody is expecting $2K Bitcoin .
As mad as it may sound, Gold for me is a short for the next few weeks or even months.
In the face of the 'news', technicals are technicals, and Gold just painted a great big dirty Key Reversal on the Weekly chart, a key reversal backed up by break down of RSI thesis, and the $1380 resistance turned support level, just beckoning price like a magnet.