Ocean - 60% Bullish/40% Bearish. Waiting on Retest at .37
Well folks,
Get ready for some volatility.
Elections are just around the corner (tomorrow). We just had the monthly close on Bitcoin which is bullish, but I expect there to be a bit of a bearish move up until the elections tomorrow and through Wednesday in either direction.
There is a slight chance that Ocean may never retest the trend line (painted in black) again, but I doubt it.
The reason I believe we will see the prices ranges of .37 - .41 again is because we have failed to paint a higher high on the charts. Strength is weakening (even with all of the bullish news) and major investors are moving into assets like cash until the election results are in.
To add to my short-term bearish bias, On the 4-hour chart, we are painting a Head and Shoulders pattern. It's important to remember that a head and shoulders pattern isn't complete UNTIL we break down below the range and hold on a candle (not a wick). So just because it looks like it's forming the pattern doesn't mean we are bearish just yet. I've seen these patterns turn around often and wreck novice traders.
That said, I'm almost certain we will test the trend line again.
At which point my bias leans bullish because this has been the trend all along. And I don't like to bet against trends unless I like to lose money.
If we do however break down below the trend, my next targets will be .24 and next .17.
I will be a big buyer of ocean then.
If we never reach those lows, I won't mind. Either way I will be stacking in buys through the trend-line from .41 - .37.
I don't think at any of these prices we can lose long term. Happy trading my friend.
Get ready for some volatility.
Elections are just around the corner (tomorrow). We just had the monthly close on Bitcoin which is bullish, but I expect there to be a bit of a bearish move up until the elections tomorrow and through Wednesday in either direction.
There is a slight chance that Ocean may never retest the trend line (painted in black) again, but I doubt it.
The reason I believe we will see the prices ranges of .37 - .41 again is because we have failed to paint a higher high on the charts. Strength is weakening (even with all of the bullish news) and major investors are moving into assets like cash until the election results are in.
To add to my short-term bearish bias, On the 4-hour chart, we are painting a Head and Shoulders pattern. It's important to remember that a head and shoulders pattern isn't complete UNTIL we break down below the range and hold on a candle (not a wick). So just because it looks like it's forming the pattern doesn't mean we are bearish just yet. I've seen these patterns turn around often and wreck novice traders.
That said, I'm almost certain we will test the trend line again.
At which point my bias leans bullish because this has been the trend all along. And I don't like to bet against trends unless I like to lose money.
If we do however break down below the trend, my next targets will be .24 and next .17.
I will be a big buyer of ocean then.
If we never reach those lows, I won't mind. Either way I will be stacking in buys through the trend-line from .41 - .37.
I don't think at any of these prices we can lose long term. Happy trading my friend.
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