CLSK has recently been the strongest Bitcoin mining stock and perhaps that has to do with a move to "greener" mining.
But another wild gap up today makes this trend unstable and this may become some sort of Evening Star topping pattern may be printing here.
Its currently in the 1:0.618 extension "Golden Window" (up to the 0.786 overshoot ratio) and if it pivots here, then this is a weak ratio that signals there may be significant downside from here.
Notice that the current candle has gapped up beyond the upper wedge trendline; into the higher liquidity that makes a reversal more likely.
So its time to take some profits here or a more aggressive trader could even short.
This is also on the basis that Bitcoin has no room left to move up if it is to remain in tandem with previous market cycles.
This could hang around depending on Bitcoin, or it could be a fast top, but it will likely see much lower lows; perhaps down to around $5.
Not advice
But another wild gap up today makes this trend unstable and this may become some sort of Evening Star topping pattern may be printing here.
Its currently in the 1:0.618 extension "Golden Window" (up to the 0.786 overshoot ratio) and if it pivots here, then this is a weak ratio that signals there may be significant downside from here.
Notice that the current candle has gapped up beyond the upper wedge trendline; into the higher liquidity that makes a reversal more likely.
So its time to take some profits here or a more aggressive trader could even short.
This is also on the basis that Bitcoin has no room left to move up if it is to remain in tandem with previous market cycles.
This could hang around depending on Bitcoin, or it could be a fast top, but it will likely see much lower lows; perhaps down to around $5.
Not advice
Trade active
I think it is top is very close so entering a modest short.Really I am looking to buy or sell puts (bullish) again as I showed in the previous thread, not short but it looks good for it here.
Trade closed manually
I've closed my short at breakeven and now looking for continuation in other names.See my COIN thread that I will post now.
Bitcoin is holding well and as long as this continues it is providing support for crypto stocks to push on.
CLSK may also move on up but it has moved a lot already.
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.