DNT , as you can see in the related idea, has had to do a leg lower. I've updated target projections in this chart.
There's a nice bullish cross of the moving averages on the hourly.
It's a buy here for me because we've retested the hourly 200moving average, did a bullish cross of the moving averages, then tested that cross and those averages above the 2.618 fib of the last major move lower, and went up higher to close above and now retest the 0.236 fib of the last major upswing.
Confirmation would be an hourly close above 900, or 15-minute 200 moving average above 752. The former would be a more impulsive sign than the latter so long as it happens first.
Stops can be kept quite close, a close below the hourly 50 or 724 - the retested bullish cross - would signal another leg lower, at least to the hourly 200 - perhaps the 4h and the peak of the last dip at the 1.0 fib. Even using the 752 level of the 0.236 fib as a stop-loss point could be argued for, given it's importance as support relative to the highs of the 21st and 23d of december. Only on a 4h close however. The chance a wick might touch or go through it again without reversing the trend is present. Such wicks may be bought. I suppose it depends on your timeframe wether 777 is a buy or a sell order at this point.
Anyway, targets.
First stop is the previous high at 1173. I'm expecting it to go higher and will be taking profit between 1514 and 1601 - the Gann-fan border and the All-time-high. From there either a slow move to 2011 or an impulsive move to 2529 - although 2065-2199 should be resistance. If it does stay below the trendline towards 2011 without retesting the lows we might go higher.
If 1500-1600 is a top i will get out and look for a rebuy.
The absolute moon for now - before mid-january- would be at 3600.
I love the analysis and it's very convincing. You've done your homework for sure.
My only suggestion and positive constructive criticism would be to make it more readable on the graph.
robertjulius
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@CryptoByDAY, Good point, i'm reading my description and checking the chart and it's hard to follow one to the other. Probably because i'm talking about an hourly chart while showing a 4h!
KoggelRam
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@robertjulius, Whats your options from here? taking profit or still going long? I got in around 818 so am considering my next move
robertjulius
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@KoggelRam, Oh it mooned did it ? nice job getting in at the right entry level. Well, i'd say hodl; do you see this bullflag forming?
robertjulius
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i dont have any atm but if i did i'd say hodl. Just keep this chart on play and if it looks like it's closing in the Gann-fan wave lower then sell and get back in at support?
KoggelRam
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@robertjulius, great call, my mouse was hovering over the sell button!
KoggelRam
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Or at least when I posted that, jumped back up a couple of minutes later
My only suggestion and positive constructive criticism would be to make it more readable on the graph.