Celsius / USD - Hanging man

Following a 14,000% rally and overbought condition (green column) price action is now indicating a strong reversal is about to occur. Why?

1) Stochastic RSI crossing down 80 on the above 3-day chart. The Stochastic RSI is also crossing down on the weekly (not shown here).

2) Hanging man candle. This reversal candle is confirmed by:

a) A rally
b) Sellers close price action lower into exhausted buyers.
c) Following candle closes lower as sellers move in.

3) Money Flow Index (MFI) (the bottom oscillator) has become resistance following months of support. Time to get out.

The 21-weekly moving average (bull market support) is at $2.50 at this moment in time.

1st target is $2.50

ความคิดเห็น:

Price action likely to make another run for $7 area.

การซื้อขายยังคงดำเนินอยู่:

The recently printed weekly candle (below) confirms the bearish reversal in price action with the 'hanging man' candle.

1st target is updated to $2.96 at this moment in time. However with Stochastic RSI under 20 price action could collapse straight through the 21-week moving average as it did in the past (black circles).

ความคิดเห็น:

Monthly candle for January prints a spinning top. In other words neither buyers or sellers know which direction to go.

If next month also prints a red candle a strong reversal in price action will follow. Wait for confirmation.

ความคิดเห็น:

Price action continues inside the ascending triangle formation. There is no trade to be made here until a breakout is confirmed.

On the 2-day chart below Stochastic RSI is point downward. No long position is possible while pointing this direction. However Stochastic RSI is a lagging indication.

If price action closes the day at $6.60 - go long.

If price action closes the day at $4.50 - get out fast.

ความคิดเห็น:

Both price action and RSI print a lower high on the 5-day chart below.

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ความคิดเห็น:

$4.08 is a very important level - watch it carefully.

ความคิดเห็น:

This is the 10-day Bitcoin chart. Two points:

1) Price action has broken the 21-week EMA (Green line)

2) The candles, huge amounts of selling pressure when testing the 21-week as resistance.

In summary it tells me if you've no taken profits way back you're about to be taught a very painful lesson.

ปิดการเทรด ด้วยตนเอง:

The $4.08 level held and now makes this idea void thereby bringing 3-months of boring sideways price action to an end.

A move to $11 area should now be expected.

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