This is not the bullflag that you've been looking for!!!Heya All, traders, hustler, busters, money movers, ass shakers and my FOMO crowd!
We gad very interesting development taking place during the last 2 days. As it was predicted in my previous post we had nice stop hunting action taking place as well as small 200$ dump, which as predicted pulled back quite nicely and now it is giving away some of it's bullish momentum.
What we see now is a formation which is resembling the bull flag, but it really is not and I don't expect it to act like one. If anything, I am still looking for a further downside move.
Here are important stuff that we have to keep our eye on:
1. we have broken out from the accending price channel and it looks like the price action tries to either move to the descending channel or form completely new trajectory. (Will chart the new price channel in upcoming posts).
2. All high and low timeframe momentum oscillators are pointing to the downside, which means that we most likely will see at least another 200$ move to the downside before oscillators become bullish again.
3. Mainly, high and low timeframe volume oscillators have again crossed the zero line and are accompanied with money frow in red .... you know what that means? It means that we are going to continue stop hunt and have another sizable dump.
Conclusion:
- Be vewy vewy caweful with your trades
- Anticipate the dump anytime within the next 8 hours
- Keep your Short stoploss above 10450 and
- Go long from the area bellow 10150 but make sure that you let the short move cool off before entering the long trade.
Cheers, and stay safe!
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Archie
