Everyone is trying to buy the ultimate bottom and force a reversal but price action is telling a clear story.
Now, I wouldn't be trading this asset if I wasn't bullish long term, but let's not kid ourselves right now.
Just closed my shorts and will start to build longs around these levels. This seems like a Wyckoff Spring setup so I'm expecting an upside for June. First sign of weakness, I will switch back to short.
Not sure how much juice AMZN has left in it but it seems to be forming a parabola. I'm currently neutral, no position, just watching for a SHORT opportunity.
What can i say, I just love shorting overvalued assets.
Bearish divergence in the oscillator and prices have been extended way above the 50 and 200EMA without retracements. Volume is also low. Expecting a retracement to test support levels.
Alternative scenario: a miraculous pump into the green box before correction (seems like a lower probability).
I'm net short and will be scaling up if prices continue to go up...
2:1 RRR Opportunity if BTC holds the 50 day EMA (~8280).
Please trade at your own risk. I have been net short since ~10k and will not be closing my position until the chart shows a clear bullish trend.
Good luck and happy trading!
Update: Seems like we have minor clearance on both ends.
We are currently sitting on a fib support. If an uptrend to 11k holds, we shoot up to the red box. If we break the fib support, down we go into the green box.
Waiting for final confirmation to build a position.