Lets keep it simple:
We've got a complete cycle hitting 4.236 fib + fake high missing local 1.13 fib + markets in panic
We had a small H&S pointing to T1: Hit
Whats next?
Expecting a bounce after hitting 0.5 fib @ 7.69 possibly forming a bigger H&S
Hitting 0.5 again after the bounce will trigger the bigger H&S and will quickly lead to 0.618-0.886 ($7.12-$5.86) levels to be tested.
Most likely liquidity below $5.30 will be swept before making any significant upmove
Fall below 1.886 ($4.50) will lead to tests of 1.272 ($4.04) or 1.618 ($2.40)
Only a sustainable (!) breakout above the recent high will turn the situation in favor for the bulls
Hold my beer pls
----
No financial advice, do your own research, don't be stupid
We've got a complete cycle hitting 4.236 fib + fake high missing local 1.13 fib + markets in panic
We had a small H&S pointing to T1: Hit
Whats next?
Expecting a bounce after hitting 0.5 fib @ 7.69 possibly forming a bigger H&S
Hitting 0.5 again after the bounce will trigger the bigger H&S and will quickly lead to 0.618-0.886 ($7.12-$5.86) levels to be tested.
Most likely liquidity below $5.30 will be swept before making any significant upmove
Fall below 1.886 ($4.50) will lead to tests of 1.272 ($4.04) or 1.618 ($2.40)
Only a sustainable (!) breakout above the recent high will turn the situation in favor for the bulls
Hold my beer pls
----
No financial advice, do your own research, don't be stupid
Trade closed: target reached
here we are on 2.618. bulls would have to hold 1.886 to avoid getting slaughteredNote
once 1.886 was triggered, sell off continued hard. done here
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.
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.