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Can lightning strike twice? Another Rising Wedge?
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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.
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Broke down from rising wedge. Bounce off MA to major resistance cluster. Likely down from here.
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trdr.io/snapshot/C5D969393CAE4C01.pngWatch support at $18.5 closely.
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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.
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