SELL ORDER: 0.00003890
BUY ORDERS: 3325, 3350, 3400, 3425
Analysis:
- bearish engulfing pattern reinforces historic 4000-4050 resistance level
- price below Ichimoku Cloud Senkou A, and soon B support
- thin Ichimoku Kumo Cloud gives no confidence of support
- the market is exhausted after this rally, people are buying at the top
- expect a loss of Kumo Cloud to be extremely bearish, hence the sell order!
- piercing pattern support should be considered weak considering exhausted buying
- loss of 0.00003597 Fib is not certain, but it will be tested. Expect price to find (temporary) support here. Given the height of this rally I think a retracement below this point is logical
- the safe place to buy then is far below the Fib support, near the areas of previous support provided at Morning Star and Piercing Pattern prior pullbacks
- the icing on the cake is that the Pitchfork center line near 3300 area is a strong psychological support area and a rally from this point is to be expected
image]
BUY ORDERS: 3325, 3350, 3400, 3425
Analysis:
- bearish engulfing pattern reinforces historic 4000-4050 resistance level
- price below Ichimoku Cloud Senkou A, and soon B support
- thin Ichimoku Kumo Cloud gives no confidence of support
- the market is exhausted after this rally, people are buying at the top
- expect a loss of Kumo Cloud to be extremely bearish, hence the sell order!
- piercing pattern support should be considered weak considering exhausted buying
- loss of 0.00003597 Fib is not certain, but it will be tested. Expect price to find (temporary) support here. Given the height of this rally I think a retracement below this point is logical
- the safe place to buy then is far below the Fib support, near the areas of previous support provided at Morning Star and Piercing Pattern prior pullbacks
- the icing on the cake is that the Pitchfork center line near 3300 area is a strong psychological support area and a rally from this point is to be expected
image]
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ND = No Demand
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DON'T BE FOOLED INTO BUYING AT THE TOP
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Hey this is a neat little lesson in market psychology:
Also I think this is what professional traders ultimately mean about buying at the bottom and selling at the top. The bottom is the bottom.
Also I think this is what professional traders ultimately mean about buying at the bottom and selling at the top. The bottom is the bottom.
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