Fibanacci Retraces and an Extension for support on the 1 hour.
Simple retrace from the last two swings i saw relevant. Confluence them best way i could using only price action and previous fibs.
Working on new strategy for trending markets. Adding this jewel to my arsenal, the Directional Movement Index. Im faily new with it so bare with me. I'm trying to learning the ins and outs. I would love to be corrected and told that this is all wrong. Always willing to learn with an open. Comments are welcome.
Just an observation i have made with price action after pumps and price action in correlation to the 21 period exponential moving average on the 4 hour chart. BITMEX:XBTUSD
Nothing really to say just playing around with some trend lines.
Removed all horizontals and FIBS and just using diagonals and momentum oscillators. Every time PA reaches this trend line it makes the same signature every time. If bulls can't push through only matter of time before we continue following our downtrend.
I am in between if PA is trying to establish support at this level or are bears just taking a break. I'm still bearish and plan to see price action reject when it re-tests diagonal resistance. As shown by Volume profile there is an area that price action may be interested in revisiting but I don't expect it to stay there for long. Just to fill the gap then go on...
I am confident that PA is going to continue coming down and test one of these levels of support that I have marked off based off of Fibonacci retraces that I have removed, moving averages, and horizontals. I expect PA to bounce and pivot from one of these points of support that i have marked off. I will wait for at least a 4 hour closure above one of these points...
Chart speaks for itself. Welcome to all comments especially the negative ones.
Tonight's close was above the 10 period simple moving average. If price action can maintain above this moving average and begin to get a positive slope on the 10 period moving average, this would be a bullish signal for bitcoin and possible long opportunity.
Just a few retraces and extensions i saw relevant.