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Just this alert to call attention this is end of week, end of month, and end of quarter. . . . so very important day.
I watch all three and this is one of those rare times they all fall on the same day.
It should be noted that the two week low will be moving up to 3850 on Bitstamp. Moreover, the previous week’s low is now also last week’s low.
The likelihood we break down is small. . . but if we do . . . unlike the last time we broke the previous week’s low I will not be a buyer. But stops should be moved up accordingly.
Also, note this will be 6 consecutive weeks up. . . without much movement. We really need and should get an acceleration to the upside . . . in which case I will be trimming. . . but again not much . . . mainly because 4190 is now the quarterly and monthly high. . . now we could take out this high and reverse or just as easily take out the high with an explosive . . . a huge move that I will not want to miss . . . if it happens.
Also, note the mixed sequential signals . . . Quarterly had perfect four candle sell off from 9 which supported basis that we would not break 3,000
Monthly is on green 1, likely to take out high at 4190 which is also quarterly high
But temper that as weekly will be giving green 9
Daily doesn’t tell us much
12 Hour says sell or at least trim, but that gets negative if green 2 takes out green one
The question is not where the market is going . . . . but what will you do if it gets there? There is absolutely no reason to be bearish. . . . and little reason to sell an upside break out except to trim. . . but there is every reason to exit all longs if we break down and take out 3850 . . . personally I do not want to give much back . . . so I will be trimming by selling the perp and may even sell enough to be net short perp to earn funding . . . as funding should go to shorts this next quarter. . . this is a way to be net long and get paid for the service.
Hope this helps.
Ugly
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Published at Sun, 31 Mar 2019 17:59:14 +0000
