Agressive channel gets punished
Hello!
Looking at the 1 hour chart we can se that we have contracted the price action inside the larger channel, it's because we have pushed very agressivly all the way up to 764 and met the overbought condition in RSI, which is a incentive for many traders to liquidate some, as I said in my earlier post, getting to 750 will be a breeze, which it has been.
The problem now is to keep support coming in to sustain it, especially when we have entered a such narrow channel.
I see us getting slowed down here a bit, but we will find a lot stronger leg to stand on soon, next huge push will take us very close to 800€, however I don't think we will claim it on the first attempt, but we must work our way through it.
When we hit 800€ (it's bound to happen now), and when we do, magic will happen !
A look in the orderbook tells us that the largest resistances are in this resistance zone we currently reside in now (700-800).
800-900 is looking a lot easier to claim, but 900-1000 will be quite difficult, but with FOMO in full effect after we completly wreck 800€, i can see 1000€ in the horizon of maybe in 3 weeks.
Might even be faster than that. Enjoy your gains if you took my trade since i went long =)
Good luck!
Looking at the 1 hour chart we can se that we have contracted the price action inside the larger channel, it's because we have pushed very agressivly all the way up to 764 and met the overbought condition in RSI, which is a incentive for many traders to liquidate some, as I said in my earlier post, getting to 750 will be a breeze, which it has been.
The problem now is to keep support coming in to sustain it, especially when we have entered a such narrow channel.
I see us getting slowed down here a bit, but we will find a lot stronger leg to stand on soon, next huge push will take us very close to 800€, however I don't think we will claim it on the first attempt, but we must work our way through it.
When we hit 800€ (it's bound to happen now), and when we do, magic will happen !
A look in the orderbook tells us that the largest resistances are in this resistance zone we currently reside in now (700-800).
800-900 is looking a lot easier to claim, but 900-1000 will be quite difficult, but with FOMO in full effect after we completly wreck 800€, i can see 1000€ in the horizon of maybe in 3 weeks.
Might even be faster than that. Enjoy your gains if you took my trade since i went long =)
Good luck!
Uwaga
*** I made a typo in my chart ***740-750 is being proned to get tested again (which it's being as we speak)
730 has been rejected for further decline 6 times.
Uwaga
Looks like we it wants to test the lower end of the support again, 730~ area.We have moved outside the narrow channel again and resumed the normal trend, see my previous chart :)
Uwaga
Just remember, we are still following the trend. Most important thing is that we keep pushing through resistance and making progress - higher highs, lower lows.
Danger signs (of this run being a bull trap) would appear if we break outside the current long trend channel (zoom out).
Never stop doubting, but never stop believing either. Manage your risks.
Uwaga
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Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.