Short Timeframe sets up a bullish bounce
PRICE ACTION
The 5m chart shows a striking pattern that is not usual on a lower timeframe in such a clean setup; with a head and shoulders – complete with declining volume through the head and expanding volume in the right shoulder.
Being bearish on a small timeframe, the retracement is naturally reduced so brings us nicely down to the bottom of the rising channel that is developing on the 4H chart. With $92 acting as resistance previously; it would be nice to see a retest of the support and a spring back into the bullish part of the chart. Look for RSI around 50.0 to also offer support here.
If price really pushes down hard – look for a hidden bullish to set up based on the previous higher low around $85 (RSI was 54...)
The 1D is currently teasing for a gravestone doji so a level of caution should be taking on a long position based on the 4H – though broadly we still look very strong in overall sentiment. This could be a great shopping opportunity.
Literally in the time it’s taken to right this – the move on the 5m has fully played to the target
OPEN INTERESTS (BITFINEX)
Long: 2.35 Days
Short: 0.54 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 100, 110, 175
Support: 92, 80 (28D MA), 70 (13W MA)
PREVIOUS ANALYSIS
The 5m chart shows a striking pattern that is not usual on a lower timeframe in such a clean setup; with a head and shoulders – complete with declining volume through the head and expanding volume in the right shoulder.
Being bearish on a small timeframe, the retracement is naturally reduced so brings us nicely down to the bottom of the rising channel that is developing on the 4H chart. With $92 acting as resistance previously; it would be nice to see a retest of the support and a spring back into the bullish part of the chart. Look for RSI around 50.0 to also offer support here.
If price really pushes down hard – look for a hidden bullish to set up based on the previous higher low around $85 (RSI was 54...)
The 1D is currently teasing for a gravestone doji so a level of caution should be taking on a long position based on the 4H – though broadly we still look very strong in overall sentiment. This could be a great shopping opportunity.
Literally in the time it’s taken to right this – the move on the 5m has fully played to the target
OPEN INTERESTS (BITFINEX)
Long: 2.35 Days
Short: 0.54 Days
RELATIVE STRENGTHS
- Micro (5m): Oversold
- Short Term (4h): Neutral
- Mid Term (1D): Bullish
- Macro (1W): Bullish
ON BALANCE VOLUME
- Mid Term (1D): Flat
- Macro (1W): Rising
KEY PRICE AREAS
Resistance: 100, 110, 175
Support: 92, 80 (28D MA), 70 (13W MA)
PREVIOUS ANALYSIS
הערה
Luckily, I had taken a snapshot previously before starting this write-up! Here is what the analysis was originally based on...
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.