Short thesis:
- Daily inverted cup & handle pattern
- Bearish golden cross formation on EMAs
- Daily technicals flashing weighted sell signals (oscillators, pivots, moving averages)
- Validated retest of daily higher lows
Price Target: $41-42K range into next week
- Daily inverted cup & handle pattern
- Bearish golden cross formation on EMAs
- Daily technicals flashing weighted sell signals (oscillators, pivots, moving averages)
- Validated retest of daily higher lows
Price Target: $41-42K range into next week
Note
break/hold of 0.236 Fib @ $45,718 critical to validate $41-42K range this weekNote
Should now test Daily HL which is sitting right above 0.382 Fib level of $41,772Note
Daily HL has been tested and printed 40,600. Suspect we might now revisit Sept HL around 39,500 which is a local demand zone + srong 0.5 fib support level. This is where I'll likely close shorts and take starters on longs especially alts that have showed relative strength. Potentially a huge leg up after this distribution has been absorbed by demand. Best to be patient and validate through price action.Trade closed: target reached
Shorts closed @ $39.6K and took long starters
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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.