My thoughts of price action, February 27th

Am seeing a lot of “Short” ideas. A number of messages asking, “is it a good short now?”.

1) Never never short into momentum.

2) Never short against the trend. Higher lows higher highs are printing.

3) Support and resistance. Which is it? Price action has recently printed a significant support on past resistance. Let’s have a look…



A) On the above 10-day chart a candle printed on past resistance. This single candle signalled to the whole market that support was confirmed. It was an incredibly bullish signal.

B) The pennant now allows a target to be measured. Take a measured move from the lowest to the highest point of the wedge. Copy and paste the measurement from the breakout support, the target is now forecast. In this situation it is $66k, past resistance.

C) Miss the bottom of the alt.token market? Click the little Green triangle!

Ww

Trade active:

Hodl until 65-66k. Unless it blasts straight through it.