Grandma still has it. Bearish with a hint of hope.
TradingView interfered with my pie making. I had typed my entire story and then it crashed. Technology is stupid.
New summary:
1. Most likely we have one more down, to form a higher low on the weekly, test 6K support again and gain momentum.
2. Most patterns have 3 waves. Think H&S, 3 Dives. etc. We had 2.
3. Hope does not make something happen
4. Grandma (why do I have an indicator?) has experience and saw this pattern 2 months ago. Nothing happened that caused me to change my mind.
I did make one mistake. I drew the major resistance line from the second peak in feb. Should have been the first one. I see a lot of people make that mistake. Second peak is a failed 5 and should be ignored. Also, it makes more sense as we got rejected from that line once again.
I don't believe that we will break 6K, but I am not betting on it, because if we do, we might stay below 6K for a while. Well, technically 5.8K but 6K is psychological much more relevant.
For funsies, also have a look at the 4hr RSI pattern at the high swing points (at the weekly highs, not daily). Notice anything? I probably will add a chart about that later, but first see if you recognise a pattern. Let me know below if you found it.
To confirm a break out now, I would look for the green box as a turning point. It can come earlier or later. Later makes it fit the pattern I see much better. I am a buyer after we created a new higher low on the weekly. With a tight stop loss.
I need pie. What you need is a plan! Good luck.
And for pie's sake: stay away from leverage trading... That is just making the rich people richer. Greed is bad. Patience is good. Blueberry pie is better.
New summary:
1. Most likely we have one more down, to form a higher low on the weekly, test 6K support again and gain momentum.
2. Most patterns have 3 waves. Think H&S, 3 Dives. etc. We had 2.
3. Hope does not make something happen
4. Grandma (why do I have an indicator?) has experience and saw this pattern 2 months ago. Nothing happened that caused me to change my mind.
I did make one mistake. I drew the major resistance line from the second peak in feb. Should have been the first one. I see a lot of people make that mistake. Second peak is a failed 5 and should be ignored. Also, it makes more sense as we got rejected from that line once again.
I don't believe that we will break 6K, but I am not betting on it, because if we do, we might stay below 6K for a while. Well, technically 5.8K but 6K is psychological much more relevant.
For funsies, also have a look at the 4hr RSI pattern at the high swing points (at the weekly highs, not daily). Notice anything? I probably will add a chart about that later, but first see if you recognise a pattern. Let me know below if you found it.
To confirm a break out now, I would look for the green box as a turning point. It can come earlier or later. Later makes it fit the pattern I see much better. I am a buyer after we created a new higher low on the weekly. With a tight stop loss.
I need pie. What you need is a plan! Good luck.
And for pie's sake: stay away from leverage trading... That is just making the rich people richer. Greed is bad. Patience is good. Blueberry pie is better.
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