Weekly chart remains unchanged from what I've been looking at. But the bounce from 7.8k, potential breakout of a potential falling wedge, somewhat confirm a bullish outlook for now.
In cyan, I've drawn the significant portions of the TD 9 buy setup on the weekly. The only other time this happened was in 2014, and the week following was very red and the buy...
It's been awhile since I've actually published a chart here. I'll be charting a 12 hr and a weekly chart, starting with 12 hr.
First off, the most time pressing thing is the bounce off the major low volume node at 7.8k which has confluence with an important horizontal level throughout this bear. Times we've tested this horizontal level and bounced are yellow...
Second consecutive bull divergence on 12 HR chart, this one also confirmed on OBV. That's all, do with it what you will - slightly risky to call this a confirmed div but it's one forming if the local low holds.
Okay so I also wanted to do an extra long term post as I haven't done one yet.
First, that cyan line? That's the meme triangle line, slightly adjusted given the time scale and greatly extended to show why I give it such a great importance - it extends all the way back to the ATH before the 2014 bear market. I've drawn red arrows where it was tested as resistance...
Been quite awhile since I posted anything of substance. Here's my current daily chart. In red is everyone's favorite meme triangle we broke down from, in blue is the log ATH descending resistance turned hopefully support, in yellow are bull divs and my target, and in light blue is a bear div at the most recent major local high.
Overall, I'm of the mind that...
Chart says it all, just a very short term view here. Overall I'm not convinced we're done flirting with the lower end of the symmetric triangle on the daily (see longer term charts). Worth noting the volume profile of the wedge is pretty crap.
OBV trendline just there to show that we still have a long way to go before really being able to say the majority of...
Been awhile since I did anything significant. Somewhat small update here.
Blue: Gigantic bear pennant that we broke down from. We're almost perfectly in the progress of confirming the former support there as resistance, which would signify a classic throwback; throwbacks are fairly common with large formations to really confirm a breakdown. This resistance also...
Medium term chart for me is all focused on horizontal levels; the flags I'll talk about secondary. The two main levels to point out: ~8.2k, and ~7.8k.
8.2k coincides closely with the 50% FIB retracement from ~6.4k to ~9.9k. In addition, it is the beginning zone of a high volume node (right of chart) that also coincides with a pretty good horizontal support level...
Been awhile.
Here, I'm looking somewhat medium term. Key supports/resistances are solid yellow lines, confirmed both by price in the medium term and high volume nodes on VPVR. In blue, the diagonal support we've had since breaking the log ATH resistance. Takeaways are 8.8-8.9k is a place to look for short term support (as we just bounced off it recently), 9.4k...
Okay so I have a few different things drawn on this chart. The largest formation is in light blue, and that's the ascending wedge type formation we broke down from. The size of it implies we may have some further downward movement; wedges suck performance wise, though, so don't hold your hat on that.
However, there's some other signs that could point to more down...
Drawn more short term, there's the descending resistance from the last few local highs drawn along with a horizontal support zone (blue lines). Was a little liberal with the horizontal support in cutting wicks but the general idea is there and it closely lines up with the VPVR high volume node. On the flipside, even if we break up through the descending...
Using the 4 hr chart, we now have a hidden bull divergence on the RSI with the local low immediately preceding the gigantic short squeeze. That's not overly significant, as the lows I'm comparing aren't overly defined for the price trend, but it does show the RSI has largely cooled off from the recovery from 6k.
I've also drawn the large iH&S. It's important to...
Essentially the same chart as the last one I posted because we've been chopping and it's important to maintain medium-long term perspective. We have some confirmations to go off of now. Three blue lines: ATH Log resistance, Nov-6k Suppport (held so far), Sept-6k Support (broken and confirmed as resistance).
1: Bounced off daily BBand (golden circles). We briefly...
Today, I'm looking at a daily time frame to maintain perspective.
The two lines I have drawn are the support line from the september crash -> 6k crash that we seem to break going back down into the 6ks, and the support turned resistance we're currently dealing with around 8.1-8.2k. This throwback to confirm support turned resistance can happen a lot, falling back...
So we fell out of one rising wedge, however you can redraw it to have us still be in a larger ascending wedge if you like. Still some upward mobility there before turning to break down (if it's going to).
More importantly, no matter where this turns around (even if it already has) there will be hidden bearish divergence on the 4 hr chart. If it makes it to 7.8k...
First off, this is only one side of the coin here; there's some bearish signs medium term as well that I don't talk about (possible hidden bearish divergence.
Here I'd like to talk about reasons to be at the very least short term bullish. I've drawn two bull flags; the larger, purple, one has an uglier look but for a larger formation it's at least plausible. On...
Drafted before the breakdown, didn't like the form of the flag but looks like it could be valid. Target would be 7000 ish, maybe higher accounting for the heavy support in the region.
