As you can see, I’m spamming with some updates today. Wanted to get this out of the way before a busy weekend. In my last analysis, I saw some weakness, and figured we’d at least stagnate for a while before we either broke down or finally broke out of our . We managed to break out of our smaller on massive , but found resistance at the larger resistance in the 2600 area as I suggested would probably happen.
However, we’ve since made multiple attempts to break 2600, which is a sign buyers haven’t given up yet. IF we can break out of the bigger , I think can go a bit parabolic, since it has been held down for so long. We could even finally target the mega-strong resistance just above 6000. This may not play out, obviously, especially if breaks back down below 2300 or so. In that case, we may actually break down and continue to fall through this giant . If you zoom out, you can see that the 6000 is very important, as it’s where had its first capitulation event after the Bitgrail fiasco. You can see on the weekly chart that the oscillators have a lot of room to grow as well.
The BUY setup is simple:
BUY on the confirmed breakout of the – above 2600.
SELL targets:
3000
3300
4000
6000
A Stop loss, perhaps, between 2100 and 2300, depending on your risk tolerance.
Not financial advice. This is a setup I’m looking at, because I feel like this has some potential. I love analyzing this market, and I do this to educate myself and essentially keep a TA journal.
***As a special note, I would like to mention that the reason I decided I had a knack for TA was when I perfectly timed the bottom in August 2018, and predicted the low between $0.75 and 0.85 BEFORE it happened. This was because I compared it with bitcoin’s 2011 bubble and logarithmic trend. You can read about that in my post below “NANO, and how I used it to time a bottom.” Since then, has not gone below its August low, despite many other coins heading to new lows. I also speculated that the earliest the bear market COULD end would be in late January, early February 2019. And IF the market is finally turning around on a large scale, it will be fun if I was right 🙂
-Victor Cobra
Published at Wed, 13 Mar 2019 17:53:32 +0000
