Cup and handle tries to break through channel wall but fails

27 thg 2, 2018

Just a temporary short for the next couple 4 hour candles...only because the last 4 hour candle finished as a bearish engulfing candle...As you can see that channel trendline is a line of extreme resistance...the cp and handle has yet to hit its target price because of it...it will likely retest the channel trendline a couple more tiems and then eventually bounce through but we could dip down into the 10350 region potentially before we see it rally enough momentum to do so...keep a close eye on the epth chart determine the best places to sell and rebuy/ I'm long in the long term but in the very short term..short.

27 thg 2, 2018

Ghi chú

The candle finally found support at the fib extension line at 10530.60 It is now heading back up most likely to retest the descending channels green trendline. Be prepared to short if bounces back down and try your luck buying bac in a pip or 2 above the fib line.

27 thg 2, 2018

Ghi chú

the price action may be forming a bull flag as well so if that is the case we will only see inside bars until the breakout of the flag. and likely wont retest the channel trendline until that time. We will probably be able to tell by the time this next 4hr candle starts to form.

27 thg 2, 2018

Ghi chú

it's well on it's way to testing the wall again...this time the biggest sell wall resistance on the depth chart is above the channel wall so there's a real chance we could break above it on the next 1 day candle!

27 thg 2, 2018

Ghi chú

however the current sell wall around 10800(on gdax) presents a legitimate hurdle. Will be itneresting to see if the bulls can find the momentum to break it this time...fi they do it's unlikely they can also break the even bigger sell wall just above it at 10900...we will have to wait and see how things unforld in the last remaining hour of today's 1 day candle.