Late buyers catching the fall thank you. Heading into weekend..
An update to a previous short idea going into the typically low-volume weekends: I don't have pro
so I can't post links or post a nicer analysis with graphs for every point, pay for my subscription maybe?
Some residual strength kept pushing 4hr MACD in the green (albeit weak diminishing green).
Looking at 15minute candles, a small bearish wedge broke downwards, but was quickly invalidated
by confluent support from 200MA (15min) and the next fib level. Upon first breaking down of bearish
wedge, I updated my stop-loss to 4080 in case of 200MA (15min) bounce and support from the next
fib level. I needed to sleep and only watched the price actively until 1am GMT. Price tested 4160.
Note a supply level at ~4160, late buyers placed their orders while they missed the earlier pump
did not find stronger buyers to continue the strength to keep 4-hr MACD in the green to get past 4160.
Why would any big hands enter bullish at weakening 4-hr MACD anyways?
Based on weekly candle wicks, some levels that may be good entries for the next week would be
~3800 to 3980. I hope to see some divergence reversals on 30minute candles when 4hr MACD swims
in the red with price action within 3800-4100 range. 5-day EMA and 10-day EMA aren't too diverged so
uptrend still seems healthy.
Price action has already visited 5-week EMA as a low, and looks like good support as it projects towards
a value of ~3890 and 10-week EMA will be ~3815.
4000 might be a new psychological support after this beautiful pump. (Accumulation in an ascending
triangle after selling on ETF news)
My preference for re-entry would be strength in 3850 to 3950, as any lower than 3850 with weak
strength on lower time frames could mean revisiting weekly lows.
Don't beg for analysis, learn it yourself or ask me by dm and pay me something reasonable, that is
if confirmation bias is your vice.
This isn't my 9-5.
so I can't post links or post a nicer analysis with graphs for every point, pay for my subscription maybe?
Some residual strength kept pushing 4hr MACD in the green (albeit weak diminishing green).
Looking at 15minute candles, a small bearish wedge broke downwards, but was quickly invalidated
by confluent support from 200MA (15min) and the next fib level. Upon first breaking down of bearish
wedge, I updated my stop-loss to 4080 in case of 200MA (15min) bounce and support from the next
fib level. I needed to sleep and only watched the price actively until 1am GMT. Price tested 4160.
Note a supply level at ~4160, late buyers placed their orders while they missed the earlier pump
did not find stronger buyers to continue the strength to keep 4-hr MACD in the green to get past 4160.
Why would any big hands enter bullish at weakening 4-hr MACD anyways?
Based on weekly candle wicks, some levels that may be good entries for the next week would be
~3800 to 3980. I hope to see some divergence reversals on 30minute candles when 4hr MACD swims
in the red with price action within 3800-4100 range. 5-day EMA and 10-day EMA aren't too diverged so
uptrend still seems healthy.
Price action has already visited 5-week EMA as a low, and looks like good support as it projects towards
a value of ~3890 and 10-week EMA will be ~3815.
4000 might be a new psychological support after this beautiful pump. (Accumulation in an ascending
triangle after selling on ETF news)
My preference for re-entry would be strength in 3850 to 3950, as any lower than 3850 with weak
strength on lower time frames could mean revisiting weekly lows.
Don't beg for analysis, learn it yourself or ask me by dm and pay me something reasonable, that is
if confirmation bias is your vice.
This isn't my 9-5.
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