It looks like might have a minor pullback which will be a great chance to load up on longs for the next leg up.
My reasoning is:
-ADX is reaching a common reversal point, while DI+ is weakening giving bias towards a change in the trending behaviour.
-Stoch has crossed down and will remain so anywhere under 27600(approx.)
-MACD is showing bearish divergance as this last drive has not had the same momentum behind it as the previous. Stoch is also showing bearish divergance but with only a 0.2 difference in the print.
-BTC seems to have been moving in this channel until recently and I think if we are reaccepted into the channel, the bottom combined with the support around 24000 should hold.
My plan is to enter a position around this area, but if the drop is violent, I will wait to see some indicators confirm that we have found support and the pullback is over. Hopefully I'm not sleeping when it happens.
My reasoning is:
-ADX is reaching a common reversal point, while DI+ is weakening giving bias towards a change in the trending behaviour.
-Stoch has crossed down and will remain so anywhere under 27600(approx.)
-MACD is showing bearish divergance as this last drive has not had the same momentum behind it as the previous. Stoch is also showing bearish divergance but with only a 0.2 difference in the print.
-BTC seems to have been moving in this channel until recently and I think if we are reaccepted into the channel, the bottom combined with the support around 24000 should hold.
My plan is to enter a position around this area, but if the drop is violent, I will wait to see some indicators confirm that we have found support and the pullback is over. Hopefully I'm not sleeping when it happens.
Order cancelled
This played out totally differently to what I expected. You learn something every day but in trading it feels like every candle. Luckily Managed to get long entry on the retest at the top of the channel and enjoy the run to $40000
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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.