btc usd perpetual PHEMEX MARCH 5-6
Updated
-On 4 hour ichimoku cloud we see a green cloud with a fox heads shape.
-One of my fib extension zones match the size of the snout
HOWEVER
-After that we have printed some red cloud on the 4 hour
-On this chart when we look at the 3 hour cloud we see the red cloud matching the size of the same fib extension zone and even more red cloud being printed
-What does this tell us? Possibly that the red cloud will continue to form due to that zone on the fib extension showing stronger confluence towards resistance
-Possible head and shoulders forming to perpetuate the idea of this zone of confluence being a resistance not a zone of support
-Blue conversion line is crossing the price action to the upside indicating bearishness
-If I were to look for a long entry it would have to break my fib extension level of 52.8k
UPDATE
-Currently if we look back at the 3 hour chart... the red cloud prints and we see a suspicious shape carved into the bottom of this new printed cloud ahead of the price action. What is this predicting?
-Many are talking about the previous INVERSE HEAD & SHOULDERS that was printed and clearly visible on the 3 & 4 hour time frame... IMO this price action structure in addition to analysis of the ichimoku on different time frames is telling me we are running into a resistance and not being brought up to a zone of confluence that some people who are bullish would look at as a new zone of support
THIS IS NOT FINANCIAL ADVICE
to be continued...
-One of my fib extension zones match the size of the snout
HOWEVER
-After that we have printed some red cloud on the 4 hour
-On this chart when we look at the 3 hour cloud we see the red cloud matching the size of the same fib extension zone and even more red cloud being printed
-What does this tell us? Possibly that the red cloud will continue to form due to that zone on the fib extension showing stronger confluence towards resistance
-Possible head and shoulders forming to perpetuate the idea of this zone of confluence being a resistance not a zone of support
-Blue conversion line is crossing the price action to the upside indicating bearishness
-If I were to look for a long entry it would have to break my fib extension level of 52.8k
UPDATE
-Currently if we look back at the 3 hour chart... the red cloud prints and we see a suspicious shape carved into the bottom of this new printed cloud ahead of the price action. What is this predicting?
-Many are talking about the previous INVERSE HEAD & SHOULDERS that was printed and clearly visible on the 3 & 4 hour time frame... IMO this price action structure in addition to analysis of the ichimoku on different time frames is telling me we are running into a resistance and not being brought up to a zone of confluence that some people who are bullish would look at as a new zone of support
THIS IS NOT FINANCIAL ADVICE
to be continued...
Note
AFTER THE UPDATE I WROTE.... THE SHAPE WE SEE IN THE CARVING OF THE CLOUD HAPPENS ON 4 HOUR TIME FRAME IN THE RED CLOUD BEING PRINTED....WHAT IS THIS PREDICTING?!
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