My research shows that becoming overwhelmed is the leading factor in why many traders suffer continued losses or consistent drawdown.
The big question is always regarding indicators, which is the most profitable and which indicators should i use. As many will know there is a fine dividing line between what is too much and what is too little.
Although harmonics represent less than 5% of my trading, it's a tool that can be used to provide a different perspective when identifying potential reversal areas. Using harmonics ( Cypher Setup ) in this occasion provides an additional area of potential reversal at $10,400 which coincides with previous posts.
I suggest using the above information as to where price could find minor resistance as opposed to a definitive area of reversal.
I hope the additional information is informative and not a hindrance.
Many regards, Tom Hall
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Price is looking to break the neckline of the overall H&S formation, this breakout could cause some large bullish momentum candles. Keep a close eye into today.
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Inverse H&S neckline now broken, expect upside towards $10,400
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Price is now approaching D leg completion of the Cypher setup after the solid H&S breakout.
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Price testing just shy of the $10,400 level as predicted, now potential downside on it's way.
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I will either be targeting $5,000 or $20,000 Click below to view the full analysis.
@goldbug1, well my two loves @goldbug1 and @tomhall , i just follow you two guys, and with the passage of time i am now able to think long term from goldbug and targets from Tom analysis.
Indeed this could be the right time to short it like a hardocre pig.
But we have to stay alert of the eventual lower resistances it will break, we might still be in a bull trap.
Maybe some more and more shorting incoming, but i think there is a good chance the bottom for the moment, as i am expecting Dow and Nasdaq to go lower in the incoming months, which will lead to more crypto market cap.
UnknownUnicorn180388
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@Giorgioversace, Price as it stands is in no mans land just floating in the middle of structure so for me at the moment i'm just sitting back.
Playing the patience game, i hope all continues to go well your end.
Giovi6969
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@tomhall,
It is really unreliable right now, i' can't even day trade today lol. I tried, lost 300usd.
Went to drink a cocktail with gf.
Waiting and enjoying my holidays.