Dont get overly excited, Market Makers are hard at work!
Here we go, looks like the start of a clear accumulation phase, the question is, will we see a spring or not? I know a lot of people thought the 6k area was accumulation (which is a good reason we were free falling there for a bit) but it was clearly redistribution into the real deal. . . Not to say this redistribution couldn't happen again, but at least were not seeing random upthrusts with absolutely no follow through this time.
Things to look out for here on out, If we do see a spring, expect high down volume with a high amount of buyers during that event and a seamless recovery of price afterwords. AS the price recovers it should recover with lower up volume as the sellers have just dried up. Smart money would buy this area.
IF we DONT see a spring, volume will be pretty much on the decline from here on out until the SOS (which i really dont expect to see til end of q2) which would indicate sellers have already dried up.
Note: If the market is heavily 'manipulated' by market makers, there will be a high chance of a spring as they want to test the demand in this area. Nothing says it has to stop there, it just depends on how accepted the price is to the retail market. If the spring doesn't happen it's because the MMs know that the price is right as they have already finished buying.
As we start to approach resistance lines by the end of the year, expect a squeeze in momentum. We have come so far in this long frustrating bear market, just don't get trapped with over excitement. There has never been a better time to set stop loss/buys and laddering positions.
Notice the TTM C wave going positive.
Notice the Sqeezes are usually bullish, and as price has gone down momentum has gone up.
Notice the target of the channel in my chart would easily make another one in the future.
Here on the daily, notice the BIG bullish divergence on the RSI. Even if we spring I doubt the RSI will be that oversold.
Things to look out for here on out, If we do see a spring, expect high down volume with a high amount of buyers during that event and a seamless recovery of price afterwords. AS the price recovers it should recover with lower up volume as the sellers have just dried up. Smart money would buy this area.
IF we DONT see a spring, volume will be pretty much on the decline from here on out until the SOS (which i really dont expect to see til end of q2) which would indicate sellers have already dried up.
Note: If the market is heavily 'manipulated' by market makers, there will be a high chance of a spring as they want to test the demand in this area. Nothing says it has to stop there, it just depends on how accepted the price is to the retail market. If the spring doesn't happen it's because the MMs know that the price is right as they have already finished buying.
As we start to approach resistance lines by the end of the year, expect a squeeze in momentum. We have come so far in this long frustrating bear market, just don't get trapped with over excitement. There has never been a better time to set stop loss/buys and laddering positions.
Notice the TTM C wave going positive.
Notice the Sqeezes are usually bullish, and as price has gone down momentum has gone up.
Notice the target of the channel in my chart would easily make another one in the future.
Trade closed: target reached:
4025 on fib, looks like price action is trying to break here as we breach the channel barely. Look for a hook and go.
Comment:
WTF I didn't close the position lol im so new to this place.
RSI convergence, expected break after consolidation.