The pullback from 4200 had bulls in retreat but they managed to regroup just below 3700 where bears were surprisingly weak. A leg up has price consolidating in an ascending triangle which would indicate that continuation to 4000 should be expected. Resistance around 3880 has now been tapped 5 times since the rebound as well as a significant rejection on 28th...
A significant breakout through resistance at 3700 suggests bulls are seizing control. Potential higher-low has been established, with a higher-high through 4200 required to form the basis of a potential reversal.
Position: Long opened on break-through of 3700. Bids set to add to position down to a retest of 3700. Idea breaks down here, so Stop-Loss set just...
XBTUSDT(4h) trading within a descending channel (green main line) confirming continuation of bearish price action. However, a bullish divergence (blue) has formed which may tempt those looking to build an early long position.
Overall though, the trend is still down so overall position is short. Levels to watch are in and around 3500 (purple) which previously...
Having exited previous short when we moved out of a 2-week long descending channel, I am now on the look out for a new setup. While we have left the descending channel, current sentiment remains bearish:
- 4H and higher timeframes remain below the Kumo.
- Despite a significant short-squeeze, bears have been able to robustly defend resistance around 6600.
That...
Undid a lot of the gains I made on the recent uptrend by allowing sentiment and emotion to be dominant in decision making. Trying to reset and get back to basic TA, since the emotional angle isn't much fun and the TA is far more interesting. This charts declares my position, reaffirms my current view of the market, and what action I'm looking to take.
Currently...
After a solid few days of testing resistance at 6400 and posting higher lows, ascending triangle is formed with break up or down expected in the next 36 hours. Price will also breakout kumo cloud on the 1H chart emphasising bullish momentum last few days.
However, volume remains relatively weak meaning positioning requires vigilance.
Stop loss moved into profit...
