Can lightning strike twice? Another Rising Wedge?
I've been watching the market conditions a bit more closely and while there is cause for celebration, being back in the vicinity of the all-time highs, we appear to be overextended again.
The monthly, weekly, and three-day charts are all on TD9 sells. Curiously, the 1D chart is making what could be a rising wedge again, just like my last short call back in December 2017. Can it happen twice!?
I am cautiously watching this one and won't rule out a push higher, but I believe a significant sell-off is coming.
The green horizontal support line and green buy zone are where I will be watching closely when the sell-off comes. Those could be bounce zones where I will buy but lower lows are still possible from there to set a new bottom channel line. Maybe as low as the $6-7K area with lots of support in between.
While this all may sound gloomy, I do think the lowest lows are in and generally, things will be sideways and up from here.
The monthly, weekly, and three-day charts are all on TD9 sells. Curiously, the 1D chart is making what could be a rising wedge again, just like my last short call back in December 2017. Can it happen twice!?
I am cautiously watching this one and won't rule out a push higher, but I believe a significant sell-off is coming.
The green horizontal support line and green buy zone are where I will be watching closely when the sell-off comes. Those could be bounce zones where I will buy but lower lows are still possible from there to set a new bottom channel line. Maybe as low as the $6-7K area with lots of support in between.
While this all may sound gloomy, I do think the lowest lows are in and generally, things will be sideways and up from here.
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Things should be getting interesting soon. We have a possible bullish symmetric triangle inside of the bearish rising wedge.
Things should be getting interesting soon. We have a possible bullish symmetric triangle inside of the bearish rising wedge.
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Broke down from rising wedge. Bounce off MA to major resistance cluster. Likely down from here.
Broke down from rising wedge. Bounce off MA to major resistance cluster. Likely down from here.
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A few bullish patterns forming so still watching for potential new highs.
1D triangle would have a target breakout ~$23K but lots of sell orders $19.3-.5K so be cautious of bull trap.
trdr.io/snapshot/F1B9016AEDFDAE22.png
1D Moving averages may giving a shorter term get back in signal but I will probably give it until tomorrow.
A few bullish patterns forming so still watching for potential new highs.
1D triangle would have a target breakout ~$23K but lots of sell orders $19.3-.5K so be cautious of bull trap.
trdr.io/snapshot/F1B9016AEDFDAE22.png
1D Moving averages may giving a shorter term get back in signal but I will probably give it until tomorrow.
