Crypto sentiment is very bearish, we have a pennant which usually result in continuation, shorts are increasing, longs decreasing. If we break this pennant bullish with some follow through shorts will start to cover and we have quite big move up. Best case scenario would be play a break abut lately are so many fakeouts. Lets see.
There are also some bull div on 3day and 3D stock RSI is at bottom, showing signs of reversal.
There are also some bull div on 3day and 3D stock RSI is at bottom, showing signs of reversal.
Trade active:
Broke bullish. We hit 6700. Volume looks decent, lets see how this all plays out. Next target 6900 and after 7200 and 7500. Note that even if we reach those targets we are still in bear trend on daily. We are close to daily MACD cross, if this happens we should have another 500$ move up. Only first signs of reversal, bulls have so much to prove.
Comment:
For trend reversal we will most likely need daily higher low.
This could also be one option to play out. If you havent taken profit have stop in place to not give profit back.
This could also be one option to play out. If you havent taken profit have stop in place to not give profit back.
Trade closed: target reached:
wedge broke bearish, abit sooner than expected and we are at new lows. 5600-700 could be area for bounce, and short it after
Break of 6320-280 would suggest we dump, break above 6540-575$ would suggest move up. Lets just hope we dont get a fakeout to one of levels to trigger stops and pump in other direction.
I am in small long now, will plan to add more when we go 6450-466$.
Stop for current long is at 6400-380$. Lets see how it goes.