The Path to Consolidation
Updated
So I think this chart speaks for itself this time around. We are going to consolidate a fair amount across the board for the next couple days with plenty of juicy 2-4% trading bumps in-between! This is the consolidation we have all been waiting for! IF you made some mistakes in the past or were hoping for a second chance at lows, this would be it! Since BTC is going down first, initially it will drag Alt coins with it. Once it consolidates at whatever local low it reaches, 7k, 6k, 5k maybe, the At season will be in full effect!
I'm not sure if this publishes with all of my indicators as well but if you look at my RSI, and DPMO you'll notice that there are some solid TA with buy and sell signals involved. I hope using similar tools and settings will make you a successful day trader as well!
I'm not sure if this publishes with all of my indicators as well but if you look at my RSI, and DPMO you'll notice that there are some solid TA with buy and sell signals involved. I hope using similar tools and settings will make you a successful day trader as well!
Note
As it turns out I was absolutely correct.... on the final resting place of this current movement! I was just as shocked as many of you were perhaps that it took a nose dive straight to the bottom! I had set buy signals in anticipation of 10% dips and some bounce back up. Therefore, I have an "all-in" situation that gave me a cost AVG of $8.02 instead of $7.65 haha! Still I can't complain because at the end of the day accurately tracking price movements, and trends is what makes a successful trader! I hope this helped someone else make some gains today!
Note
As we can see the movement absolutely occurred but at a much more accelerated rate than anticipated. So the question now becomes where do we go from here? I personally think that we have to start consolidating harder in this rising channel. Otherwise it becomes a bull trap and we begin the months long retracement to either All Time Lows for this trading period, or approach the last lows from February!Personally I think we have some more highs to hit before the inevitable decline, but are we going to have a healthy 30% dip before then?
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.