Price is currently close to congestion, as witnessed by BBs biting the upper side of Keltner Channel on Daily timeframe. Usually such congestion phases don't last long, hence i'd say we may see some major move on volume soon. Within 1-2 weeks eventually.
The crucial question is: will it break up or down ?
Tough question, nobody can tell for sure in my opinion.
Prediction is always difficult when price moves sideways within a tight range with almost no momentum.
ANALYSIS
I feel i have to pick a side and try to anticipate this market.
Given a favourable R:R (mind the fact where about 50% down already from ATH) and the following analytic considerations i'm playing play the Long game here:
* Two lows on volume within <5% range (30.066$ on May, 19th - 28.600$ on June, 22th) hinting a possible double bottom in the making.
* A diamond formation (yes, that's a double edged sword)
* A Bullish divergence
* MA50/W acting as support (around 31.450$).
* MACD hinting a crossover
* RSI rising
* No further test of short terma resistance after June, 15th
Let me add i'm watching this wedge on RSI/D.
Breakout may give further hints, watch it closely.
Look for volume.
---
OBJECTIVE AND STRATEGY
What i'm playing here is a bounce / return-to-mean scenario.
Mimimum target around the 42.000$ mark, meaning about +20/25% for here.
Once price gets there (eventually) be cautious, as a bull trap may loom closer to MM20/W.
In that case we'll further evaluate from there.
As usual, with a diamond involved, we may expect some pretty troublesome breakout and possibily false moves. Including some fakeout and a bear trap eventually.
That's the reason i'll take any further dip down from here as a further buying opportunity.
Same i did with BNB months ago, did you remember ? It needed some time and some risk.
So i've scrambled further buy orders down, in order to intercept any weakness.
They're ready and waiting.
I'll evaluate the outcome in 3 months, if not sooner.
---
PREVIOUS ANALYSIS
It was posted at the end of may, but it's still valid imho.
Except the mentioned imminent bounce (15% up) already happened within 2 days (high on May, 26th).
--
CAVEAT / DISCLAIMER
Do you own diligence and evaluate the risk.
This is a high risk trade, with no actual signal in hand.
Furthermore it may fail due to multiple reasons, including bad news.
This is a hard game and it needs strong hands.
The crucial question is: will it break up or down ?
Tough question, nobody can tell for sure in my opinion.
Prediction is always difficult when price moves sideways within a tight range with almost no momentum.
ANALYSIS
I feel i have to pick a side and try to anticipate this market.
Given a favourable R:R (mind the fact where about 50% down already from ATH) and the following analytic considerations i'm playing play the Long game here:
* Two lows on volume within <5% range (30.066$ on May, 19th - 28.600$ on June, 22th) hinting a possible double bottom in the making.
* A diamond formation (yes, that's a double edged sword)
* A Bullish divergence
* MA50/W acting as support (around 31.450$).
* MACD hinting a crossover
* RSI rising
* No further test of short terma resistance after June, 15th
Let me add i'm watching this wedge on RSI/D.
Breakout may give further hints, watch it closely.
Look for volume.
---
OBJECTIVE AND STRATEGY
What i'm playing here is a bounce / return-to-mean scenario.
Mimimum target around the 42.000$ mark, meaning about +20/25% for here.
Once price gets there (eventually) be cautious, as a bull trap may loom closer to MM20/W.
In that case we'll further evaluate from there.
As usual, with a diamond involved, we may expect some pretty troublesome breakout and possibily false moves. Including some fakeout and a bear trap eventually.
That's the reason i'll take any further dip down from here as a further buying opportunity.
Same i did with BNB months ago, did you remember ? It needed some time and some risk.
So i've scrambled further buy orders down, in order to intercept any weakness.
They're ready and waiting.
I'll evaluate the outcome in 3 months, if not sooner.
---
PREVIOUS ANALYSIS
It was posted at the end of may, but it's still valid imho.
Except the mentioned imminent bounce (15% up) already happened within 2 days (high on May, 26th).
--
CAVEAT / DISCLAIMER
Do you own diligence and evaluate the risk.
This is a high risk trade, with no actual signal in hand.
Furthermore it may fail due to multiple reasons, including bad news.
This is a hard game and it needs strong hands.
评论:
Target area reached, now we'll have to evaluate ma20/w test
