After a good rally of 10,000 points, the bulls failed on the 0.382 retracement.So far it follows the green arrow exactly, one of my older posts.Fib channels also work well .
It actually looked pretty good at the beginning, but in the end the buyers were simply too weak and we broke again under the previous support. The enormous strength of the dollar (as we can see in the diagram on the right) doesn't make it any easier, of course, and it came to an end this week, the entire market was brought to their knees. The dethcross is also giving the bears a further boost.
Bulls have to break these 2 important trend lines for the time being and then continue to rise with conviction from tomorrow at the latest. Also here in the 4h diagram we can see a 20/200 deathcross. 50/200 deathcross in the making.I give bears a better chance, but will reassess wave by wave .
support 35k. 34k. 33k.
Momentum
Here 1d MA and Ichimoku support and resistance and support at 35k. 34k. 33k.
I would like to mention that all I post are just options and my own opinion !
Always trade with SL, and do not risk more than 1% of your portfolio (max 3%) per trade.
➡️If you like my posts smash the like👍👍 button, comment or follow me.⬅️
Also any time I look at an analysis with all kinds of gadgets on the chart I haven’t seen/learned yet always is a humble reminder how much I still need to learn. lol any good resources for a newb like myself? There’s so much out there it’s hard to find one good outlet for like a step by step “tutorial” of TA. So far I’ve just been picking random oscillators or patterns a couple at a time and trying to google as much as I can. Thanks!
TR7z
⋅
@excitedRice78604, very difficult to give instructions. it is not a matter of learning countless indicators, it is much more about mental strength and finding and perfecting your own trading system. maybe these 2 education posts will help you a little further. trading psychology.the key to success and 100 ways to read a chart. trade save
agreed, very nice ...was examining the monthly rsi, certainly doesn't give any definitive insight into direction, but does show some good resemblance to the first wave of the 2013 double run .. I'm bearish overall, but neutral, no positions for about a month
TR7z
⋅
@cantremeber, Yes, similarly overbought. The difference is that we hold the 70 in 2013 .IMO im also flat, wait for better entries. Have had some good daytrades and short swings lately. thanks for your comment