1) 4 hour inverse H&S 2) Currently wedged up against long term trend line 3) Double 4 hour EMA support, and trend line support below it. 4) Low volume, market indecision. Something huge coming very soon. 5) RSI supports upmovement
Bullish Targets:
1) 9115 2) 10,176 (200 MA) 3) 11,620 (H&S)
Bearish Targets: 1) 7900 2) 5954
Risk/Reward: Minimum 1:3 at time of creation (8600) for triple top test.
Zones of interest:
Watch for breakdown of $8531 trend line to trigger sell off.
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New zones of interest, watch for false breakout, but looks strong. I'm currently waiting to enter until I see 9k clear
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Sorry, forgot the daily 20 EMA as well. I've also updated the labels to be more clear at the levels. We're currently very overbought though so look for a retrace around 9k I'd imagine
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Watch for a retrace after 7pm candle closes (EST), might shoot up to 9550 or something along those lines then crash down hard, we shall see. Volume just doesn't look too good.
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Looks like we saw continued growth overnight, and finally had our sell off. Not at the zones I anticipated, but none the less I'll take it. Please look at the update below for zones of interest to lock in potential profits.
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4 hour running out of steam, depending on your risk tolerance could be time to exit.
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If uptrend channel breaks, we should see a retracement towards 9200 (4 hour 50 ema), if not, hourly EMA's might stick @ 9633
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Whoops, 4 hour ema is @ 8800 not 9200. Regardless, watch for a break of the uptrend line if we're to go up, otherwise I'm still expecting a down
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We had our down, now we have a potential ascending triangle on the 4h.
10098 - 200 MA 4hr resistance 10337 - Short term resistance 10581 - Daily EMA resistance
Breakdown if blue trend line breaks (9864 area) break up towards 11k expected if ascending triangle breakout confirms