We are hitting some major resistance levels as well as fibs for shorts.
As long as we don't make a new high or break 6000 soon, we going down.
That 3100 low needs to be taken out in order for serious buyers to step in.
We finally broke that resistance that was holding us back since the drop (white line).
I'm expecting a quick retest and then shooting for some of those red targets.
As long as we're above the 575 low, bullishness is in.
Looking at the 1H chart currently:
Retrace into optimal fib zone for now
Some local higher lows
Clean break above 4040 would add bullishness
Struggling to stay above that white level which is also 0.5 of the range we're in right now
Made a swing failure which indicates a stop run was made for shorts
Clean break below 3730 (last...
We made a big gap on this week's open, I'm guessing it will fill up fast starting from Tuesday and then proceed to go a bit further to retest the hourly breaker below, take the stops from longs before eventually shooting up (since the macro structure seems bullish still).
We've broken some supports, but made a swing failure (took the white low without locking below it).
It's simple right now, if we come back up, break the local high and find support, we should start aiming for higher highs.
Otherwise, if we bounce from this (now) resistance and make a lower low, we should be targeting the next low.
I'll update when something happens.
We have a break in market structure below. A good retrace for a short right now would be around the .705 fib where the order block lies. Provided we don't pump hard above it, we should see a sell off to the next weekly horizontal level (red).
Higher time frame looks bullish, and this looks like a good retrace for now, wouldn't want it to go much lower. If we don't break any lows we should be aiming for at least that previous high for a nice 3.5 R/R.
There's nice liquidity (stops resting) above that high I took the fib from, and a daily level that sent us to the recent lows that we haven't retested yet.
This feels like a good setup to trap shorters and take their stops before dumping further on a bigger scale.
On the daily view(below), we can see that we've broken past the block that sent us down initially.
If we zoom in on the 1H chart, we can pinpoint a 1H breaker which falls right around the middle of that daily block, and withing the optimal fib retrace zone.
We should now be aiming to fill that small gap we've left on...
We got a heavy retrace so far but it seems we hit a nice daily breaker withing the fib zone.
We are heavily oversold right now. If we hold this higher low, we might be seeing a nice 100% bounce.
If we mark out the daily range like so, we can see that we fell beneath the middle point of the range and are getting rejected so far, which isn't looking so good.
I wouldn't be looking for any buys right now, either wait until we hit the bottom for a possible bounce to the top, or if we break the middle point again and find support.
Now, it's worth noting that...
This is a similar situation to my last idea about RVN/BTC.
Here's the daily view:
That red block is a 4H block where the price bounced from. Since then we haven't locked below the middle of that daily(green) pivot block, which is a good sign.
On the 1H chart, there's the resistance level we're now pushing up against. IF...
See the 4H chart first:
It seems RVN has hit a major 4H support block within the optimal fib buy zone.
Now if we look at the 1H chart, it seems that we're currently trying to get above this resistance level. Once we do, it should provide us with a retrace into it to retest as support and if bullish, we should see the...
As it stands, "Ethereum Killer" has seen better days. This recent dump has broken some previous lows, we got a nice retrace back to fill up the empty spaces and retest the 4H pivot level as resistance, and it seems to me it's going to try to take those lows for now, or maybe reach for even lower lows.
On the 4H chart I can see that red level(lower) as an important support/resistance flip level. We're currently holding it as support. Those wicks below got bought up pretty quickly and were made during BTC's dump the other day.
A long here may be possible but it's wiser to wait for confirmation on a lower time frame, something like a break in market structure UP,...
If we look at the weekly chart, it looks like it's struggling to make a higher high so far. This is an indication of bulls losing steam and some retrace is needed. This is the big scale. But on a BIG BIG scale we're still bullish, and retracing to the area I outlined below would still be a valid retrace before reaching for new highs later.
I will make a...