Bear Trend Reversal - Long term downtrend rejected with bullish RSI divergence on the weekly.
These hops off a long-term bear trend reversals can be swift and powerful. I've played these before and won (DAN...TQQQ after '18 Christmas)..but I've also played these and lost (MAXR).
I've previously played these directly on the instrument, but this time I'm playing...
Entry : $7.69
Stop Loss: $6.68 (1.5x10DAY ATR)
Notional Risk: $202
Technical: Trend reversal Multi-day RSI divergence. I'm looking for GOLD prices to tuck back under 1500 the bleed off to July prices. Running a tight initial stop as I'm a bit late to the party.
Currently trading at twice-ish of it's production cost. Bubble began due to demand outstripping supply but is being re-propped up by short covering. We're already starting to see it peal off the reestablished highs. As further production chases the 2x premium (cost of production $720 vs $1510.5 per Troy Ounce) and auto makers look for alternatives.
ACRX - Long
Seems a bit range bound and put in a nice bottom on the long trend line. Blew by the 8EMA and 20SMA and closed over the 50SMA after a blip below 30RSI at the lower part of the range. Big risk trade given the low price and rangy price action. SL set at 1.5xATR which is just below the long-term bottom of the range.
ACRX - 500 Shares
Entry - $2.71
Bearish RSI divergence on the Daily
price action hasn't really recovered since
Big sell day on the 28th of June (from which price action didn't recover)
High risk trade given the long-term trajectory of TTD so a tight stop is utilized.
RSI divergence potential reversal confirmation with price action climbing up over the 8EMA with a substantial increase in volume
High Risk: Very much so a hit and run trade given the long term trajectory of the instrument.
An idiot's TL; DR analysis: I believe we're going to to see BTC retrace into lower levels finding short term support at the Daily 20SMA & 50SMA. Once 4hr RSI is back in oversold I'm speculating we could begin to see some revived bullish momentum.