Hello Again fellow Traders!
Once again, it's time for some simple Analysis as there has been some recent Developments in the PA which might help Confirm Macro Bias
As you may or may not have seen from my Previously posted simple Analysis in which I go to show the breaking of the Macro Parabolic Advance followed by the Retest and the Failure it is now mirroring...
I have taken the time to create this super simple chart which only shows one thing :
Parabolic Advance - Parabolic advance Breaking - Retest - Rejection
From my own Experience this has been one of my leading Signals for short entries.
Since this is happening on HTF in this case 8 Hour candles and the Support cluster is so Dense right below current Price of...
In this TA there are a few Key Takeaway Points which are Visible
The Daily Candle has closed and volatility will engage any moment now. I see us forming a possible rising wedge in the event of a breakout to the upside and this would also fall perfectly inline with the .382 in the 10900 vicinity making this a clear area in which I will be filling shorts at large...
Daily close Above the Neckline = 11.4k - 12k foreseeable Target
Daily close Below could bring us back down to Test lows
Simple but Powerful TA
Do not trust my Analysis trust only your own.
I am posting this to create a track record for myself and treat it as a Publicly viewed trading Journal
Once again Bitcoin has built Parabolic support and will probably continue it's Rise towards 10K if it fails to break.
After the current Move up to .5 Fib we are still inside of the Parallel trading Channel.
I can envision the Price touching the .382 and testing the Parabola from which I personally expect it to Bounce and break the Channel
I won't be trading...
The 4hr RSI and PA shows a clear Parabola Coming down from above, but the Daily PA also has a Parabola beneath it. Volume Decreasing. Range Tightening. Volatility Incoming.
On LTF we are also moving inside of an Ascending Triangle, and inside of a second Mini Parabola. I favor a break of the Parabolic Resistance thus my Bias is Bullish for the upcoming Breakout...