Keep in mind when I do my analysis, I cycle through the various time frames pointing out potential issues I see or biased price movement. If I point out one Bearish or Bullish quality that does not mean we are going that direction based on that one observation. I typically cycle through the points & then tie it all together at the end in conclusion.
Stay with me as I explain the various indicators on the analysis, I realize it looks messy sometimes but the indicators are there for a reason.
Daily (Main chart above)
I am not exactly going to call this a divergence on the Stochastic, but this is at a level I am not comfortable with. The rapid rise with very little price movement is worrisome, especially compared to prior support touches. However, as I have stated before, we make our strongest moves when the STOCH is in extreme scenarios. (Check the video on this same idea for examples, link is at the bottom)
The GMMA (Guppy Multiple Moving Average) is showing some trend weakness for the bulls.
6 Hour (Below)
Taking a look at the OBV on multiple time frames, it is concerning to me. OBV action is at levels that are typically indicative of a lower price.
The GMMA shows a weakening trend.
Currently we rest on the bottom of the Kumo (Ichimoku cloud) and Tenkan-sen (Conversion Line in orange).
3 Hour (Below)
On the T.D. Sequential we see a perfect buy signal. The low of bars 8 & 9 are lower than the low of bar 6 and bar 7 typically indicating a exhaustion cycle is completed.
Sell pressure on the C.M.F. is heavy, also note that we sit right below the 50 period moving average.
Keeping an eye out for a STOCH bottom here. Lets move down to examine all of this on smaller time frames.
2 Hour (Below)
STOCH is looking prime here compared to past levels with the current price action. Also, note we see a red 8 on the T.D. Sequential.
Kumo (Ichimoku cloud) and the Kijun-sen (Base Line in pink) acting as a support touch.
1 Hour (Below)
Examining this trend very closely with the STOCH, we don't reach this level ever without making a Bullish move. The Stoch has been fairly reliable for spotting when these "Bart" patterns happen.
30 Minute and 15 Minute (Below)
No matter how I chop this, the OBV is at dangerous levels here. Let's consider this as we prep for a rally into resistance.
I set the candles to Heikin Ashi for this 15 minute example, Heikin Ashi allows me to get a clearer picture of the trend. We are seeing very solid similarities from June 4th. There is a bit of a different STOCH makeup but the similarities are too big to not look at.
Lots of conflicting data here... so let's sum up.
Stay with me as I explain the various indicators on the analysis, I realize it looks messy sometimes but the indicators are there for a reason.
Daily (Main chart above)
I am not exactly going to call this a divergence on the Stochastic, but this is at a level I am not comfortable with. The rapid rise with very little price movement is worrisome, especially compared to prior support touches. However, as I have stated before, we make our strongest moves when the STOCH is in extreme scenarios. (Check the video on this same idea for examples, link is at the bottom)
The GMMA (Guppy Multiple Moving Average) is showing some trend weakness for the bulls.
6 Hour (Below)
Taking a look at the OBV on multiple time frames, it is concerning to me. OBV action is at levels that are typically indicative of a lower price.
The GMMA shows a weakening trend.
Currently we rest on the bottom of the Kumo (Ichimoku cloud) and Tenkan-sen (Conversion Line in orange).
3 Hour (Below)
On the T.D. Sequential we see a perfect buy signal. The low of bars 8 & 9 are lower than the low of bar 6 and bar 7 typically indicating a exhaustion cycle is completed.
Sell pressure on the C.M.F. is heavy, also note that we sit right below the 50 period moving average.
Keeping an eye out for a STOCH bottom here. Lets move down to examine all of this on smaller time frames.
2 Hour (Below)
STOCH is looking prime here compared to past levels with the current price action. Also, note we see a red 8 on the T.D. Sequential.
Kumo (Ichimoku cloud) and the Kijun-sen (Base Line in pink) acting as a support touch.
1 Hour (Below)
Examining this trend very closely with the STOCH, we don't reach this level ever without making a Bullish move. The Stoch has been fairly reliable for spotting when these "Bart" patterns happen.
30 Minute and 15 Minute (Below)
No matter how I chop this, the OBV is at dangerous levels here. Let's consider this as we prep for a rally into resistance.
I set the candles to Heikin Ashi for this 15 minute example, Heikin Ashi allows me to get a clearer picture of the trend. We are seeing very solid similarities from June 4th. There is a bit of a different STOCH makeup but the similarities are too big to not look at.
Lots of conflicting data here... so let's sum up.
Bình luận:
Daily closed below $7,500. As I mentioned above I expect a retest of $7,350 if this happened.
A test of bottom support is still probable. I will give this an new analysis in the morning.
A test of bottom support is still probable. I will give this an new analysis in the morning.
Bình luận:
Bình luận:
I've said throughout this whole rally that this was not healthy.
Who listened? Wiped within 30 hours. Full update coming later today.
Who listened? Wiped within 30 hours. Full update coming later today.
Bình luận:
Bình luận:
Short term trade update above by clicking the image
All posts are for educational purposes and are simply my views of markets conditions.
Please do your own research and use my content to educate yourself.
Please do your own research and use my content to educate yourself.
I don't believe the 15 minute above repeats.
Ideally I want to see a drop now to $7350; then a slow, steady push upwards without these "Bart" spike. But I don't always get what I want for a healthy market. That being said I believe we push up to the resistance level detailed below throughout this weekend. The market appears to be setting up for a very volatile push. Again, we need to see a solid spike entering into it and continuing throughout that range in order to breakout. I will update as we get close to that if time permits.
As unhealthy as this rally seems we need to see a heavy spike in buy pressure going into the resistance level ranging at $7,860 and $7,925. If we do not see a solid spike entering into it and continuing throughout that range then we can expect a drop back down to support. I am still under the belief that we need more consolidation before rallying up to the top of our Daily symmetrical triangle.
As a note, if we break below $7,500 I am invalidating that notion of a rally to resistance. At that point we retest $7350 and ultimately bottom support.
As the weekend goes on I will detail day trades I have enough time to publish.
Thank you for reading and please support by clicking like on this analysis. Like, follow, share and interact to help me stay motivated to keep these trending. Thank You!
Video version of this analysis is here below. Slap a like on both for me. :)