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RE: Looking Like a Range
Jumped the creek today. John Bollinger said that he likes to think of the 20 DMA as a "dynamic" creek. Looking for signs of strength now. Will we get them? A trip up to the top of the range? Already? The 61.8% failure level for the daily halfway back short has been breached to the upside too.
I grabbed some at $14,800 you can check my daily market report.. will catch the pull and sideways in the $16000-$16500 area, likely a $15,700 to be had as well.
The odds of us seeing 20k in the short term are getting better as we speak. The 15,700 touch on Bittrex was another measured move 50% retrace entry on the one hour chart (slightly front run though). Nice stair stepping and back filling. Looks very technical, and, given all that, I would expect to see some selling if and when we get back to 20k, and that would be to set up another dip to buy . . . if the big daily long from the double bottom lows is for real. Its targets are 23,000 and change, 25,000 and change, and 28,000 and change. Remember, the opposing short was invalidated, and that, in turn, is a first confirm on the long . . .
Edit: after looking at things with your 7,21,77 MAs, instead of saying the 50% measured move retrace was front run, I'd now say that it still hasn't traded. Looking like a setup.
I am still feeling bullish in the longer term, very much so.. I think we may have been presented with another tremendous buying opportunity to capitalize on. That said, use your charts in the daily and look at moving average crossovers, find me an instance where a 10/30 or 7/21 upside cross on the daily failed to translate into big gains in the longer term. This is what it is I feel and we are in a shakeout again.. no big deal to me.. I will be alleviating myself of some of those discounted alts I grabbed when BTC jumped 13-15 when it hits bottome again in the 12,900 range possibly.
Shakeout is what it looks like to me too, but this might not be the end of it just yet - we might need to meet up with the 77 before resuming a sustainable uptrend. 😉
And I'm even more sold than ever on the idea of a range bound trade between 11k and 20k.
agreed... on both points... thus far...