BTC 2019-11-22 - Golden Pocket and Lower Channel Validation
Hey guys, I hope this post finds you all well and trading safely. I just wanted to post this update about BTC's unexpected movements recently.
From reading the other TV posts, there's been a lot of talk about the support levels and bounce zones.
I haven't seen another post on the Golden Pocket 0.65 fib yet, so here we are. We just reached this level this morning on 11-22-2019. This move was TOTALLY unexpected this soon, and I caution you all to trade well and use extreme risk management.
However, I have been holding shorts since $9.4k and uncertain of what to do since we had not seen any majorly bullish action on the RSI while STOCH stayed extremely low on longer time frames.
This is where I am now looking to close my short positions.
Future: There is NOT much historical support near and around these levels and it kind of feels like the markets are suspended in midair at the moment. However, with a move down this large, watch for a nice bounce back. This should show itself in the RSI trend line as a lower high with a lower low/same price as far as price action. Be cautious when entering longs as this point without confirmation.
Happy trading!
I am a simple market analyst - not a financial analyst
fortis Fortuna adiuvat - fortune favors the brave
From reading the other TV posts, there's been a lot of talk about the support levels and bounce zones.
I haven't seen another post on the Golden Pocket 0.65 fib yet, so here we are. We just reached this level this morning on 11-22-2019. This move was TOTALLY unexpected this soon, and I caution you all to trade well and use extreme risk management.
However, I have been holding shorts since $9.4k and uncertain of what to do since we had not seen any majorly bullish action on the RSI while STOCH stayed extremely low on longer time frames.
This is where I am now looking to close my short positions.
Future: There is NOT much historical support near and around these levels and it kind of feels like the markets are suspended in midair at the moment. However, with a move down this large, watch for a nice bounce back. This should show itself in the RSI trend line as a lower high with a lower low/same price as far as price action. Be cautious when entering longs as this point without confirmation.
Happy trading!
I am a simple market analyst - not a financial analyst
fortis Fortuna adiuvat - fortune favors the brave
Shorts are up 29% since the top of the channel. We are now at the bottom support. Waiting to see if this holds while the world watches with bated breath.