I will be opening a long position from this point, the Risk/Reward ratio is good and if it drops below then it was a good opportunity. Consolidation can break up early or take longer.
Support: 7400 - Very strong 9200 - Strong 9800 - Good
Resistance at: 12000/12300 - Should be first target point to be reached. 13000 - Decent Resistance, wise point to short some here 14500 - Strong resistance 16000 - Very strong resistance
Some significant dates of long-term bullish/bearish crossovers: 7 July (Long-term golden line support cross with red resistance in 0.382 which is also support). 12 July - 13 July Outer cup support should kick in.
Note: I'm not responsible for any profits or losses, neither am I an professional advisor. You can follow my trades if you like them, wish you (and me :D) good luck with all the trades!
If you would like to donate (BTC): 1EoQaEWnfvY2myGdjcjd7nZsAn5UzFkPxt
TheTrex
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Close-up of 1H chart, seems to closing on to the date I highlighted vertically.
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If your looking for an entry it might be better to watch if we break up or down from this triangle.
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Feeling there is some further down movement to 9200-9550 area.
Thank you for your TA. I'm still learning, and am trying to understand your moves.
I don't quite understand why you sold to buy back lower. How are you so sure it will go down to 9200?
The bottom wicks are going higher every time for weeks and there is a 0.618 fib level around 9700. It seems to be bouncing on that level for couple of weeks now, and every time it dips below that level (bc of btc mainly) it jumps back up pretty quick
TheTrex
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@Nilsie1988, Hey there. The reason why I said I will be buying lower is because it broke down from a triangle where it was bouncing in. If that happens then normally upward or downward movement is followed. On the 2H timeframe it does look like going up again and like you say there are bottom wigs. It's in this purple triangle now.
TheTrex
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@Nilsie1988, So my update about 9200 at the time was not completely accurate if it will go up again from this triangle.
Thank you for your TA. I'm still learning, and am trying to understand your moves.
I don't quite understand why you sold to buy back lower. How are you so sure it will go down to 9200?
The bottom wicks are going higher every time for weeks and there is a 0.618 fib level around 9700. It seems to be bouncing on that level for couple of weeks now, and every time it dips below that level (bc of btc mainly) it jumps back up pretty quick