There's plenty of things to talk about with this chart we are seeing, and we have a lot of conflicting signals in our faces. One thing is for sure, the price line is coiled up tightly and ready to pop. We'll discuss bullish and bearish scenarios, and where I lean.
First off, you will notice a new fib circle set that I am unveiling for the first time. It's the Light Gray set, based on the time period starting with April 20th, 2020, and ending on May 7th, 2020 which encompasses the upward micro swing channel. Lo and behold, we already see three pivots that have happened on the rings of this set. First the upward moves on May 6th and May 12th, and now the big fat red candle happening right now that sucked the price down as it arrived at the 2.618 fib circle boundary in what looks like a breakout to the down side. It's too early to tell just yet, though.
On to the more obvious signs. I have labeled the last three highs since my previous post, three new peaks that have taken place beginning with the one on May 7th. We have 3 lower highs in succession. That's usually a clear indication of a break to the down side once a triangle formation has completed. But we also have higher lows which create a standard-looking bull flag, if you ignore the declining tops. This creates a little bit of confusion. The stochastic peaks return lower highs in succession. But the stochastic dips return higher lows in succession.
To add more conflicting information to this already-complex puzzle, we now have a green bar developing on the 4-hour chart right after our red bar that printed as we crossed the Light Gray 2.618 ring. All we can do is wait and watch for the next high point to see if we break the trend and rip to the up side, or if we hit that red sloping line and get rejected. Either way it goes, I think it will be a rather significant move. I'm 51/49 bearish to bullish. But who am I? I'm just a dummy on Tradingview enjoying the show. Don't spend your Bitcorns based on anything I tell you.
Carlton Flowers
The CryptoPro
First off, you will notice a new fib circle set that I am unveiling for the first time. It's the Light Gray set, based on the time period starting with April 20th, 2020, and ending on May 7th, 2020 which encompasses the upward micro swing channel. Lo and behold, we already see three pivots that have happened on the rings of this set. First the upward moves on May 6th and May 12th, and now the big fat red candle happening right now that sucked the price down as it arrived at the 2.618 fib circle boundary in what looks like a breakout to the down side. It's too early to tell just yet, though.
On to the more obvious signs. I have labeled the last three highs since my previous post, three new peaks that have taken place beginning with the one on May 7th. We have 3 lower highs in succession. That's usually a clear indication of a break to the down side once a triangle formation has completed. But we also have higher lows which create a standard-looking bull flag, if you ignore the declining tops. This creates a little bit of confusion. The stochastic peaks return lower highs in succession. But the stochastic dips return higher lows in succession.
To add more conflicting information to this already-complex puzzle, we now have a green bar developing on the 4-hour chart right after our red bar that printed as we crossed the Light Gray 2.618 ring. All we can do is wait and watch for the next high point to see if we break the trend and rip to the up side, or if we hit that red sloping line and get rejected. Either way it goes, I think it will be a rather significant move. I'm 51/49 bearish to bullish. But who am I? I'm just a dummy on Tradingview enjoying the show. Don't spend your Bitcorns based on anything I tell you.
Carlton Flowers
The CryptoPro
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.