Reversal doji on the 4 hour chart to end yesterday. Bulls back?

We got a welcome and relieving sign after all the carnage of the previous day a few hours ago at the end of yesterday's 1day candle...the downtrend on the 4 hour chart ended the day with a bullish green reversal doji, and we are now seeing what is so far a reasonable bounce up off of the multi support convergence of the 4 hour chart's 200EMA(in grape), 50EMA(in blue), and the bottom ascending channel trendline(in tan). the 200EMA seems to be the one that has taken the role of primary support so far, but the 50EMA which is just slightly above it may take over that role if the candles seem destined to stay bullish. On the 1 day chart it is the Tline(in yellow aka 8EMA) at roughly $10460 that is acting as support and currently the 50 EMA as resistance although we have had a wick sneak above it already so far so the real resistance for the day could be yet to be determined...may be the blue fib extension line at 78.60%(10883.5) and if we get some serious volume it could even break above that and find resistance even further up. Best to look and see what level of volume we get for the day to know for sure how much impact this boucne will have behind it. I think the recent integration of segwit will help with that, and hopefully keep things bullish. My hypothetical secondary inverted head and shoulders that I've been talking about for a few days is still forming rather nicely I went ahead and indicated on the graph..assuming we stay within the trend lines until a confirmed inverted head and shoulder breakout if so (it breaks the neckline and has a huge bullish volume swell to go with it and no bearish divergence from mac d or rsi) I think we can hit our new taget of 17147! Exciting times but play cautiously and let us never forget the carnage we witnessed last night. set reasonable exit and entrance points and I wish you all luck.

評論:

another update to add after the last days series of candles in the 4hr chart I refined my channel lines...tightening the original green downward channel..and changing the tan ascending channel back into a channel after thinking it may be more of an ascending wedge.

評論:

The price has been trying to reach he 78.60% retracement line for the past couple hours but there is a big sellwall at 10850 on gdax blocking its path...I'm guessing there's similar big sell walls around that pricepoint on the other exchanges as well.

評論:

after at least 8 relentless failed attempts the 9th times the charm the bulls have broken open the sell wall and have now reached the fib extension line at 10883.5 let's see if they test it for awhile, break through it as well, or it ends up being obvious resistance. Plan your stops accordingly.

評論:

Huge volatility swing has plummeted us underneath the ascending channel on the last 2 4 hour candles....I fortunately got out before the drop and am now up quite a bit. Do't despair if you did not however because I think it is still just setting the stage for an upcoming inverted head and shoulder pattern and the price needed to pull back in order for that to more easily happen.