After thinking we made a low albeit a MT and not a LT low this chart now appears to want to come down way further than initially anticipated.
As previously mentioned only a rally and Weekly Close over $13.02 will get me really excited.
One should use the volatility to play the ranges with a bias to building a decent long sub $12.00! – I hope many of you played ball sub $12.00 as we printed $11.84.
Most should be long at really good levels sub $12.00 and for those that know the crypto markets the best advice I can give right here, right now is to hold and buy more on the way down as the price action is starting to look very much like it wants to print $11.50.
Firstly, not much has changed from the below view from last week, as we are seeing the leg lower and most should have taken some cash off the table.
However, now is the time to buy those positions back and buy more all the way down to $11.50 as the kick, aka the real rally, is not far away!
“I don’t like this formation and although it can trade higher this chart needs and should see another leg lower.
My view is to take cash off the table over $12.40 and keep BTFD’s.
This view is valid as until we have a move and close over $13.08 the bull market is not yet confirmed. “
New highs have been made but this chart is just too wild for our likening and as the saying goes “a fool and money are soon parted”.
We are happy to sit out for now.
This chart can make a new high and in all likelihood will make a new high as long as the price stays above 47% ,so for those that are long please keep your stops tight.
On the flip side this chart is nearing seriously overbought levels.
#No Change in Commentary.
The chart is coming off beautifully and, with a bit of luck, could still trade as low as R6700.00.
Irrespective of the market moving, one should use weakness to price, daily!
People the price action on this chart is binary, although based on pure techs its taking a little breather before looking to go higher.
I would advise having no part in this as both longs and shorts could see their wallets emptied.
#No Change in Commentary. (steady as she goes)
I am super bullish and starting to wonder if the energy / power issues in China will transpire as the trigger for the below number to play out?
I feel the correction is done, (I feel good about this one) and all the pullbacks from here are buying opportunities with upside targets between $0.85 -$0.89!
I almost feel that we don’t have enough cash to get as long as we should, buy at best and scale down, this is budget making stuff with sprinkling of retirement!!!!
The below commentary makes me feel like I am in the Twilight Zone, but maybe I like it there!
We are long and we are hoping, which is a terrible feeling.
This chart will kick sooner or later, but its Fugly and could still print as low as $288, but we are long and burning worse than a California wild fire, but feel a move sub $290 will be an opportunity to buy more!