I feel as though we have lost confidence in the 230's, which is a shame as it would have been super bullish to hold that valuation.
alas, we must move forward despite the direction.
Let's say we fall for a bit, what shall occur.
Well as you can see, we have a strong lattice of long term post covid support meeting with previous descending resistance lines, each of which requiring confirmation (assuming we dont blow right through them in which case feck your confirmation)
Considering the fact that for 2 dumps in a row (June 2nd and June 11th) we transcended the 230's, albeit very shortly, I am going to assume we wont spend much time within the 220's given how crypto usually performs. If we break 230's again, I would just write the 220's off and start your accumulation in the 210's. Set some low limits, maybe some "get-me-lucky's" that only get filled during huge dumps, because as we have seen before in crypto, momentum downwards sometimes just meas more momentum upwards.
Now, if we hit the 200's that is when we will have to take further analysis. In my chart, I mention it not necessarily being bearish. This is true because of a couple factors, both psychological and fundamental. 200 is a lovely round number, and the human psyche gets drawn to it like a moth to a flame. It will be valued, and any time spent below it (within reason) will likely be nano-term. What will matter more at that point is how we bounce, because let me tell you: Any retrace to the 200 level will be eaten up quicker than you can say "stop loss".
If you are shorting, I would set a trigger no higher than 235.45, however I am always hesitant with setting stops too early before I get a grasp on the strength. Sometimes we just float downwards lazily and the short wouldnt even be worth the stress.
But I dont think we will trade 240's (in a healthy way) again until we have re-confirmed that <230 is off limits, which it may very well not be.
Cheers lads
alas, we must move forward despite the direction.
Let's say we fall for a bit, what shall occur.
Well as you can see, we have a strong lattice of long term post covid support meeting with previous descending resistance lines, each of which requiring confirmation (assuming we dont blow right through them in which case feck your confirmation)
Considering the fact that for 2 dumps in a row (June 2nd and June 11th) we transcended the 230's, albeit very shortly, I am going to assume we wont spend much time within the 220's given how crypto usually performs. If we break 230's again, I would just write the 220's off and start your accumulation in the 210's. Set some low limits, maybe some "get-me-lucky's" that only get filled during huge dumps, because as we have seen before in crypto, momentum downwards sometimes just meas more momentum upwards.
Now, if we hit the 200's that is when we will have to take further analysis. In my chart, I mention it not necessarily being bearish. This is true because of a couple factors, both psychological and fundamental. 200 is a lovely round number, and the human psyche gets drawn to it like a moth to a flame. It will be valued, and any time spent below it (within reason) will likely be nano-term. What will matter more at that point is how we bounce, because let me tell you: Any retrace to the 200 level will be eaten up quicker than you can say "stop loss".
If you are shorting, I would set a trigger no higher than 235.45, however I am always hesitant with setting stops too early before I get a grasp on the strength. Sometimes we just float downwards lazily and the short wouldnt even be worth the stress.
But I dont think we will trade 240's (in a healthy way) again until we have re-confirmed that <230 is off limits, which it may very well not be.
Cheers lads
Trade active:
Meant to update this morning but was AFK
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