Falling wedge 1-10-18
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I'm still very new to analysis and not yet actively trading. Just getting practice making calls to see if I'm right. Feedback welcome! I'd love to hear some tips and tricks from more seasoned traders and what you think of my analysis. Am I too short-sighted? What do you see that I'm missing?
Yesterday I posted a falling wedge forming (see related ideas). Today the wedge looks steeper than I original speculated. It still looks like a wedge to me. I still have a feeling we're going to see a breakout soon.
The state of the RSI falling below 30 four times recently leads me to believe this trend can't continue at this pace and that we'll swing back up with some buying power today with a breakout from the wedge. Perhaps to the 50% fib at least, maybe finding support there.
Yesterday I posted a falling wedge forming (see related ideas). Today the wedge looks steeper than I original speculated. It still looks like a wedge to me. I still have a feeling we're going to see a breakout soon.
The state of the RSI falling below 30 four times recently leads me to believe this trend can't continue at this pace and that we'll swing back up with some buying power today with a breakout from the wedge. Perhaps to the 50% fib at least, maybe finding support there.
Ghi chú
I should clarify about the RSI: While it dips below 30, the price difference from the 1st and 2nd dips, compared the to 2nd vs 3rd and 4th shows that while we're still seeing a lot of selling action, the continued selloffs aren't affecting the price as much as they were initially, leading me to believe that the selling is running out of steam.Do you agree?
Ghi chú
Hey look at that! We got a little upward movement. Cloud is still showing bearish but we did get a TK cross. Do you think we'll break through the top of the cloud today?Ghi chú
Looks like we've broke through, but will it last?Looking back over the past few weeks with the channel on this chart, I think it's looking good to recovery back up to the 17000s over the next 5-7 days.
Ghi chú
I'd say we're confidently through the cloud! Onward to the 50% fib at $15100 for some support, and then hopefully up into the high 17000s in the next week.Ghi chú
I guess we're not out of the woods yet.
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