Timing of this leg up is quite suspicious, if you are bullish I'd be very cautious. It's at an important resistance and the monthly trend can hardly be faded yet. It might continue going a lot higher, but logically this could be a great opportunity to enter a short for a continuation play down to 11.5K or even 7-8K. If we continue up there's a small possibility we will retest 45K this year, but I think it's less likely under current circumstances. If we end up doing this, we most likely can enter for a good play when there's some more indications that this is becoming a more likely scenario.
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Around 23K is about the upper limit of where i'd want to see it go for this idea, so risk/reward is at least 4/1, so it's up to you to decide what the probability of further continuation is. Keep in mind you can increase the risk/reward by placing orders on the way to your SL and enter at less initial size
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Let me ask you this; would you long or short this?
To me this looks like retesting the base we spent 6 months building and couldn't in one go expand out of, can the retest fail? Sure, but is it likely? I doubt it. We're also in the middle of a candle that looks quite out of place as it currently looks, a lot can still happen. Hardly things to fade imo
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I'm not 100% convinced yet, but right now could be a good opportunity for at least a medium timeframe short position.
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Regardless of whether this trade ends up being successful or not, this is a pretty great entry lol
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We're nearing the point I didn't wanna see it go through. I'm assuming we get a pullback at this point, let's see how deep it goes.
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Well, it is starting to look like the one thing I based almost everything upon is doing something it hasn't done the previous 100+ times, go figure. Well, month still has to close for that statement to be definite, but doubt it can be undone at this point. I hope I didn't sound too convincing for you all. Higher timeframe I'd still be surprised if bottom is in