Resistance at trendline, retrace to Golden Pocket

29 ม.ค. 2020

This is six times now that we've interacted with this trend line. Our latest 1K+ run-up since last week has been parabolic; volume is diminishing; RSI is in overbought territory--I think there is a good probability of a retrace down to one of the Golden Pockets identified on the chart.

The Lesser Golden Pocket is measured from the run-up starting around $8265, and I've marked that Golden Pocket at $8679.

A larger retrace to the Greater Golden Pocket measured from around $6850 would be to $7786; but, it seems that all of the work the Bulls have put in to get out of the descending channel and, now, above the daily 200MA wouldn't be given up that easily.

I am out of the market, waiting patiently for the retrace. However, I would gladly flip bull, if we get confirmation of a higher high on the weekly above the range of $9550-9750.

Stay safe. Wash your hands. Wear a mask in public.

31 ม.ค. 2020

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I decided to short. Ladder entered between 9450 and 9560. Trade is going well so far, and I am hodling until the Lesser Golden Pocket.

Have you entered any trades based on this post? Please let me know.

Thanks!

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