Hello guys,
Today calmness is continue spreading all over the market, maybe everyone are getting prepared for the next move. Still I don't think this is going to last for a lot longer, volatility is around the corner. As we can see on the 1h chart a triangle is formed, this type of triangle usually breaks up and not down when it's keep pushing the upper flat line of the triangle. So it's possible a short rally is on sight but if we can see to a more long term candles we are still in a bearish posture which means either it will be a short bullish rally before bears gain momentum for a new hard fall from a higher price or the bullish rally must be a pretty convincing and long one to reverse this bearish posture of the last 2 weeks.
Let's see how long it will take to make next move and take it from there with an update. Stability won't last much longer.
P.S. Like it if you like it or let's dicuss about it
Yours
Cryptohora
Today calmness is continue spreading all over the market, maybe everyone are getting prepared for the next move. Still I don't think this is going to last for a lot longer, volatility is around the corner. As we can see on the 1h chart a triangle is formed, this type of triangle usually breaks up and not down when it's keep pushing the upper flat line of the triangle. So it's possible a short rally is on sight but if we can see to a more long term candles we are still in a bearish posture which means either it will be a short bullish rally before bears gain momentum for a new hard fall from a higher price or the bullish rally must be a pretty convincing and long one to reverse this bearish posture of the last 2 weeks.
Let's see how long it will take to make next move and take it from there with an update. Stability won't last much longer.
P.S. Like it if you like it or let's dicuss about it
Yours
Cryptohora
Comment:
As you can not more than a hour after my post a movement took place that broke through the triangle, the candle wasn't that big but maybe it's still soon if it won't keep rising and consolidate at these levels without managing breaking through 11K $ it's very possible to have a retrace at least to previous levels.
Comment:
Time for a new update...
As I said on my main post if the break out candle wasn't a convincing one - big enough then most possibly we would return to previous levels as we did. 11K $ didn't hold enough and convincingly and got rejected. So now we are at previous levels and either we will retrace even more or another try will be made to 11K for a double top rejection maybe. The scenario though where the price movement over 11K is a convincing one on the next try can still be played out and move to more bullish movements. So let's wait for now and see how it will unfold, for the time being in my opinion we are in a no trading zone..
As I said on my main post if the break out candle wasn't a convincing one - big enough then most possibly we would return to previous levels as we did. 11K $ didn't hold enough and convincingly and got rejected. So now we are at previous levels and either we will retrace even more or another try will be made to 11K for a double top rejection maybe. The scenario though where the price movement over 11K is a convincing one on the next try can still be played out and move to more bullish movements. So let's wait for now and see how it will unfold, for the time being in my opinion we are in a no trading zone..
Comment:
How about an update for the latest price movement. As I predicted if the break out wasn't convincing enough it would retrace initially to previous consolidating levels at least. Today it made one more step and the retrace continued it tested 10K$ and until now seems it bounced from there, not to hard though. During the following it's very possible to try and break down 10K$ again. The bearish posture continues since the break out of the previous days was unsuccesful and a retest of 9K is again very possible.