Note: Reupload due to setting it to private. Sorry mates!
We see some buy pressure, likely being fueled by profit taking of shorts. Due to the high number of shorts on Bitfinex, we may see some squeezing occurring fueling it in the near future. After that we need to be aware of the FOMO stage to reload our shorts. We are still in bear market, and trend is still down. Longs opened 3205, SL set for 3100 (few points below lowest wick). If we breach 3100, we may drop rapidly into the 2.6-2.8K and complete the retrace at that stage. As of now, I expect it to happen before the next leg down.
* Stoch Indicating momentum change. RSI is oversold.
* Expect a limited buying pump. We are momentum trading, so I don't have a specific target.
* Reload shorts once stoch moves into the upper black region, and falls back into the purple.
* Keep an eye on volume to time re-entry of shorts. We will have a clearer picture of an ideal short entry then, and can determine proper placement of stops depending on where we are from a TA standpoint. (Trend/ support resistances, fib) I will update the chart once the 4 Hour retrace is complete.
Long term targets are between 2.6- and 2.8k after we complete this cycle unless we have a catalyst or reversal. ( I doubt it at this stage, but we will see.)
We see some buy pressure, likely being fueled by profit taking of shorts. Due to the high number of shorts on Bitfinex, we may see some squeezing occurring fueling it in the near future. After that we need to be aware of the FOMO stage to reload our shorts. We are still in bear market, and trend is still down. Longs opened 3205, SL set for 3100 (few points below lowest wick). If we breach 3100, we may drop rapidly into the 2.6-2.8K and complete the retrace at that stage. As of now, I expect it to happen before the next leg down.
* Stoch Indicating momentum change. RSI is oversold.
* Expect a limited buying pump. We are momentum trading, so I don't have a specific target.
* Reload shorts once stoch moves into the upper black region, and falls back into the purple.
* Keep an eye on volume to time re-entry of shorts. We will have a clearer picture of an ideal short entry then, and can determine proper placement of stops depending on where we are from a TA standpoint. (Trend/ support resistances, fib) I will update the chart once the 4 Hour retrace is complete.
Long term targets are between 2.6- and 2.8k after we complete this cycle unless we have a catalyst or reversal. ( I doubt it at this stage, but we will see.)