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Potential reversal
I've got a bullish formation on the 1Hr chart. There's a hammer showing but waiting to see how strong the advance is to confirm it. We've also crossed the conversion line, which is a first bullish indicator. There is still a larger bearish trend showing on the 1Hr, 4Hr and Daily, but the daily has improved slightly by wicking back up into the cloud, so it no longer shows a break through in the bottom of the cloud. Price was stopped at the psychological barrier of $600 or 4000CNY. The next few hours should help to clarify whether the larger bearish trend is changing to a more bullish profile or not.
My previous short was closed at $600 when price failed to penetrate and sustain the fall. There is risk here is for a sharp reversal, because some good charting from Wavescientist has shown that a second wave may finish at this support point 590-603 (exactly where we ended up). Risk here must be gauged with the potential of a reversal as today has been quite a day. 1 major support and 1 pivot point broken, pierced through $600 a few times before regaining bullish momentum. Need to monitor the changing trend over the next few days.
My previous short was closed at $600 when price failed to penetrate and sustain the fall. There is risk here is for a sharp reversal, because some good charting from Wavescientist has shown that a second wave may finish at this support point 590-603 (exactly where we ended up). Risk here must be gauged with the potential of a reversal as today has been quite a day. 1 major support and 1 pivot point broken, pierced through $600 a few times before regaining bullish momentum. Need to monitor the changing trend over the next few days.
Nota
I'm starting to get bearish indicators returning to the lower time frames. I think we're headed for a retest of $600 soon.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.