We recently hit a big resistance level at the ATH trend line from $20k. Initially the awesome Daily momentum was thought to be strong enough to keep pushing us to new highs into the Ichimoku cloud. Sadly a nasty looking doji was left on the Daily so a more bearish action is to come on a larger time frame.
The 4 hour chart has some past weekly pivots that the price missed and typically it is said those price levels will be revisited. So $9,323 and $7,714 are good price targets using current S/R levels.
As for price targets I have looked at several different types of charts and indicators and there is a lot of confluence on the $9,000 area. Weekly Pivot in green is at about $8600.
The 4 hour chart has some past weekly pivots that the price missed and typically it is said those price levels will be revisited. So $9,323 and $7,714 are good price targets using current S/R levels.
As for price targets I have looked at several different types of charts and indicators and there is a lot of confluence on the $9,000 area. Weekly Pivot in green is at about $8600.
Note
This trade plan is probably not panning out. After dipping through the weekly pivot and the bouncing on the inside of the 4h cloud the price has made a run to the upside and done some chop inside the 55 and 200 SMAs. I am guessing we are going to climb the cloud on the outer edge for a bit.Trade closed manually
We ended up falling down a bit more with some big Judas candles from Bitfinex helping with getting the momentum going. After the big drops the TA has been a bit strange so I am calling this Trade Plan done. I am seeing a BUY signal (green circle) on the 4h chart and since the TA is a bit messy I want to see if it is good or a false signal.Note
Just a further update to the BUY signal I was seeing on the 4h... This turned out to be a good signal and was followed up by a confirming BUY signal at a lower price (yellow circle).
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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.