Good morning, traders. Price hit the $12800 target last night and proceeded to pull back. I locked in profit last night, along with many of our Discord members, and then entered long again this morning with the top of the channel as the target. However, we could see price stop just short of that as it hits yesterday's larger ~$13800/$13900 target.
This 1H Kraken chart shows price printing a descending broadening wedge (with a target of $13075-$13100, depending on when price breaks through wedge resistance) as it continues to consolidate around the R1 pivot. RSI has pushed through its resistance and Stoch RSI is printing a bullish cross in oversold as price uses the 21 EMA as support and the R1 pivot as resistance.
The horizontal green line is the top of the 2018 TR which price has been consolidating around since the end of June. The orange lines denote the local reaccumulation TR and we can see price consolidating around that TR's resistance as well. I have outlined my expected EW count if price completed its correction (simple ABC zig zag) with the $9712 swing low on July 2nd. Price has three alternating touches on the ascending channel. A touch at the channel resistance now would confirm the channel. Price falling through channel support would likely negate my EW count.
Just a reminder, price can extend higher than my plotted wave iii target level. We have to remember that traders will get excited if/when price moves above the recent ~$14K swing high and go long, so price could pop up further than expected. Of course, if price completes wave iii just below that swing high, then the pullback for wave iv could set the stage for an overextended wave v. Either way, its imperative that novice traders understand this so they don't take the wave targets as absolute.
_____________________________________________________________
Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
This 1H Kraken chart shows price printing a descending broadening wedge (with a target of $13075-$13100, depending on when price breaks through wedge resistance) as it continues to consolidate around the R1 pivot. RSI has pushed through its resistance and Stoch RSI is printing a bullish cross in oversold as price uses the 21 EMA as support and the R1 pivot as resistance.
The horizontal green line is the top of the 2018 TR which price has been consolidating around since the end of June. The orange lines denote the local reaccumulation TR and we can see price consolidating around that TR's resistance as well. I have outlined my expected EW count if price completed its correction (simple ABC zig zag) with the $9712 swing low on July 2nd. Price has three alternating touches on the ascending channel. A touch at the channel resistance now would confirm the channel. Price falling through channel support would likely negate my EW count.
Just a reminder, price can extend higher than my plotted wave iii target level. We have to remember that traders will get excited if/when price moves above the recent ~$14K swing high and go long, so price could pop up further than expected. Of course, if price completes wave iii just below that swing high, then the pullback for wave iv could set the stage for an overextended wave v. Either way, its imperative that novice traders understand this so they don't take the wave targets as absolute.
_____________________________________________________________
Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
