Reasons for long: bounce of the 50%, macd bull divs in descending wedge suggesting bottom soon, 70 period stoch >0.5, fast stoch crossing 0.2 up, wilfix bottom, adx increasing, oversold on rsi, trend line hit for ramp up, volume dropping off - looking for spike, squieze indicator showing near bottom, support from 200 ema, all hitting strong support at 140-150 we saw on way up where price barely dipped.
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It didn't break even close to 130s, bounced off the 50% fib and now has been consolidating sideways. I think a long is still promising for this second leg up. Will keep moving up the stops
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Few possible scenarios.
- it falls out of yellow triangle and doesn't complete head and shoulders - easy sell.
- it goes to top of H&S target I showed with a cloned H&S for scaling and that's it
- it goes to ATH to form a cup, then wait for selloffs in handle and then up or handle fails.
trailing stops regardless
- it falls out of yellow triangle and doesn't complete head and shoulders - easy sell.
- it goes to top of H&S target I showed with a cloned H&S for scaling and that's it
- it goes to ATH to form a cup, then wait for selloffs in handle and then up or handle fails.
trailing stops regardless
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Important moment, does it drop below 145 and continue the fall or does it keep squeezing until next move up...... waiting for xmr to tell me.
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incomplete yellow triangle and incomplete H&S and new low below 145 was clear sell signs. new possible reversal locations are near 100 and 70. Fib time line that's supposed to land on major reversals points near October 6th.
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On the other hand, has the price undershot? OBV showing significant accumulation on 1h time scale (smaller = more accurate).