The previous market structure has broken down and big daddy bitcorn is falling like a rock. We had been trading in an uptrend for the last 26ish days and saw massive gains. It is surprising it climbed as high as it did without some sort of correction imho. I hope you remember to take profit.
I don't think an hourly "death cross" is actually a thing, but traders do appear to respond to it. As you can see in the cart that would not have been wise the last time it occurred but we did receive the signal once again and that may exacerbate the already over-extended market indicators. The 44k psychological number lines up with the .236 fib pretty well. It's reasonable to think that area could hold but also consider the visible range bands for this last leg up. The largest area of support seems to be closer to 40k.
I think it is possible though that we fall all the way down to the .5 retracement area which lines up pretty well with the bolder dark red line. This is the top of the previous descending wedge formation. This suspect this previous resistance would be very strong support.
Timeframes larger than daily are still bullish as af though... Weekly MACD just crossed to green. Those larger timeframe indicators might just be enough to keep us away from that 50% retrace / touching the previous wedge top.
Personally, I'm laddering buys all the way down... Considering the larger time frames, the larger the pullback likely means the larger upswing. Moon mission rescheduled for next week?
p.s. i'm an ameture crayon eater who likes drawing lines, I am just learning fib retracements so please halp if I am doing something wrong and for glob sake don't listen to anything I say and dyor
peace frebz!
I don't think an hourly "death cross" is actually a thing, but traders do appear to respond to it. As you can see in the cart that would not have been wise the last time it occurred but we did receive the signal once again and that may exacerbate the already over-extended market indicators. The 44k psychological number lines up with the .236 fib pretty well. It's reasonable to think that area could hold but also consider the visible range bands for this last leg up. The largest area of support seems to be closer to 40k.
I think it is possible though that we fall all the way down to the .5 retracement area which lines up pretty well with the bolder dark red line. This is the top of the previous descending wedge formation. This suspect this previous resistance would be very strong support.
Timeframes larger than daily are still bullish as af though... Weekly MACD just crossed to green. Those larger timeframe indicators might just be enough to keep us away from that 50% retrace / touching the previous wedge top.
Personally, I'm laddering buys all the way down... Considering the larger time frames, the larger the pullback likely means the larger upswing. Moon mission rescheduled for next week?
p.s. i'm an ameture crayon eater who likes drawing lines, I am just learning fib retracements so please halp if I am doing something wrong and for glob sake don't listen to anything I say and dyor
peace frebz!
Comment:
* You have to drag the chart a bit to see the fib indicators on the left-hand side. My bad!