4 hour chart.
Price appears to be breaking out of its upward channel, and RSI is now below 50.
If this breakout continues to the downside, I think we're looking at a measured move down into the mid-$50K range, where price will likely find support around the 200 EMA.
Have fun and good luck!
Do your own research, and don't trade based on my ideas.
Price appears to be breaking out of its upward channel, and RSI is now below 50.
If this breakout continues to the downside, I think we're looking at a measured move down into the mid-$50K range, where price will likely find support around the 200 EMA.
Have fun and good luck!
Do your own research, and don't trade based on my ideas.
Note
Also, some of the indicators I like are showing bearish divergence (Relative Vigor Index and MACD histogram), overbought conditions, and a turn to the downside.
I think we're due for a pullback, so this all makes sense to me.
Note
All of the above confirms the "Sell" signal in the WaveTrend with Crosses [LazyBear] indicator. So there you have it. As a note: I would never use this indicator on its own. Buy and sell signals, in my opinion, need multiple confirmations, and I even use a couple more that I haven't shown here.
Note
Note: I use 8, 21, and 5 for my MACD settings. They give better results than TradingView's standard settings.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.