Price is sliding on long term support ( previous resistance ) encompassing ATH and August LH.
It may paint a broadening descending wedge between ( red ) "short term resistance" and descending support.
If so a low may sit anywere between here and 5700$ (circa), as long some bullish reaction comes within 2-4 days.
The macro picture on OBV is quite interesting as well:
Usually price finds its bottom roughly within previous top area .
I see a falling wedge and previous ( double ) top is not that far.
Keep an eye on that.
It may paint a broadening descending wedge between ( red ) "short term resistance" and descending support.
If so a low may sit anywere between here and 5700$ (circa), as long some bullish reaction comes within 2-4 days.
The macro picture on OBV is quite interesting as well:
Usually price finds its bottom roughly within previous top area .
I see a falling wedge and previous ( double ) top is not that far.
Keep an eye on that.
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placing a STOP BUY oreder @6350$, just in case ...
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... keeping an eye on that alligator.
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Would like to see an ascending triangle here, so a bit of consolidation would help.
We'll see.
We'll see.
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Rising wedge, inverted hammer on 1H.
Turbulence ahead, watch the wedge.
Tighten your TP
Turbulence ahead, watch the wedge.
Tighten your TP
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If you did follow the last advice you should have taken profit already at about the 6500$ mark ( *worst case* ).
We got a short term reversal warning (inverted hammer) as well as a confirmation ( rising wedge break down ).
So, what now ?
Now you'd better be cautious and nimble.
RSI / 1H is suppport is gone, meaning price is likely to consolidate / move sideways for a while.
RSI / 4H may provide the needed support in order to further attack resistance:
Now 6350-6400$ area should prove being resilient enough to sustainm another leg up.
Nothing compromised so far, yet no reason to take unneeded risks for now.
Let's see.
We got a short term reversal warning (inverted hammer) as well as a confirmation ( rising wedge break down ).
So, what now ?
Now you'd better be cautious and nimble.
RSI / 1H is suppport is gone, meaning price is likely to consolidate / move sideways for a while.
RSI / 4H may provide the needed support in order to further attack resistance:
Now 6350-6400$ area should prove being resilient enough to sustainm another leg up.
Nothing compromised so far, yet no reason to take unneeded risks for now.
Let's see.
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Looks like we have a broadening descending wedge here.
Unless it breaks its lower *bound* it means consolidation.
Usually this kind of pattern breaks up, so be prepared.
Watch for intersection with short term support ( dashed blue ) at price may find some support there.
Keep an eye on RSI / 4H support:
Good luck, gents.
Unless it breaks its lower *bound* it means consolidation.
Usually this kind of pattern breaks up, so be prepared.
Watch for intersection with short term support ( dashed blue ) at price may find some support there.
Keep an eye on RSI / 4H support:
Good luck, gents.
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It broke up already, back in business.
It's early to say, but there's a chance next pattern is an ascending triangle.
Anyway, enough speculation for now.
Ride the rally as you wish, but play *safe* by entering on signals and by using a TP.
It's early to say, but there's a chance next pattern is an ascending triangle.
Anyway, enough speculation for now.
Ride the rally as you wish, but play *safe* by entering on signals and by using a TP.
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It was indeed an ascending triangle.
Now a word of caution, as current picture is mixed:
As you may see current price action takes place within a rising wedge.
We can see some minor pennant / flag within it, but those candles with long wicks suggest caution. Remember to place your TP/SL accordingly and mind the lower bound(s) of the rising wedge
Now a word of caution, as current picture is mixed:
As you may see current price action takes place within a rising wedge.
We can see some minor pennant / flag within it, but those candles with long wicks suggest caution. Remember to place your TP/SL accordingly and mind the lower bound(s) of the rising wedge
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Get ready.
MACD / 1H says price is gotta move within 12/24 hours.
Watch for triangle breakout.
MACD / 1H says price is gotta move within 12/24 hours.
Watch for triangle breakout.
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Break down.
Possibility of an opportunistic intraday trade, as long as *6350$* holds.
Long with SL under 6320$ betting on that flag.
Highly risky, no more that 40% success probability imho.
Yet good risk / profit ratio.
Anyway, whatebver you choose to do play safe don't take ANY risk without a SL.
Possibility of an opportunistic intraday trade, as long as *6350$* holds.
Long with SL under 6320$ betting on that flag.
Highly risky, no more that 40% success probability imho.
Yet good risk / profit ratio.
Anyway, whatebver you choose to do play safe don't take ANY risk without a SL.
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No luck, further down towards support.
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Let's see whether support holds.
Price may eventually rebound as high as 6350-6400$, but better being much careful.
If you want to try a long short term be sure to put a SL below the recent low and / or support.
Price may eventually rebound as high as 6350-6400$, but better being much careful.
If you want to try a long short term be sure to put a SL below the recent low and / or support.
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We're in the 6350-6400$ already.
No contact with dynamic support o the dip, which is uncommon.
Price is now painting a bullish flag.
That's encouraging, but at the same time i think there's a high risk of bulltrap here. So remember to protect your trades.
No contact with dynamic support o the dip, which is uncommon.
Price is now painting a bullish flag.
That's encouraging, but at the same time i think there's a high risk of bulltrap here. So remember to protect your trades.
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It's a *very long shot*, but in case the bulls will be able to push the price over 6600$ soon we would have a W bottom here ( Eve / Adam eventually ).
For now it's just speculation, but worth telling ...
For now it's just speculation, but worth telling ...
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Support tested: failed low, broadening descending wedge ( green ).
Patience now, 6300-6350$ should hold for the bulls to win this round.
Come on, let's do it ...
Patience now, 6300-6350$ should hold for the bulls to win this round.
Come on, let's do it ...
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OBV / 1D.
Approaching moment of truth.
Approaching moment of truth.
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Come on, break up please ...
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Broken up.
So far so good.
So far so good.
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Flag broken, bears are trying to pull price down.
Yet we have a falling wedge.
Yet we have a falling wedge.
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Dip and rebound.
Now waiting for MACD breakout.
Caution, can be either way.
Now waiting for MACD breakout.
Caution, can be either way.
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Short term picture.
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H&S confirmed.
Now within resistance area.
Lets see what bulls can do here.
Unless price can pierce through 6550$ and 6600$ bears stay in control.
A strong rejection here would mean increased chance of ABC correction ( hence a second leg down ).
Now within resistance area.
Lets see what bulls can do here.
Unless price can pierce through 6550$ and 6600$ bears stay in control.
A strong rejection here would mean increased chance of ABC correction ( hence a second leg down ).
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Let's hope in a pennant and / or a reaction on short term support.
6550$ should be pierced or price will fall again.
6550$ should be pierced or price will fall again.
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Clash of flags, very tricky.
Caution.
Caution.
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This MACD resistance is tough.
Hopefully bulls will take care of it today.
Hopefully bulls will take care of it today.
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Have a nice journey ;)
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Still Awaiting.
Volume confirmation needed.