Pre-market opening analysis.
If the candle stick that opened from 8am to 12nn was a success after it had its break out. Don't chase the price instead wait for its retracement for good risk to reward ration.
After a successful bounce on the retracement. Expect another acceleration where FEAR and GREED will push the price higher.
Potential next support oncethe $12,000 - 12,100 area level doesn't hold.
Next candle to open near the resistance will be a crucial. If this rally will continue or will retrace and hit our $12,100 - 12,000.
$11,800 - 11,600 area of support before it will retest the $12,400
A failure to break the 13,000 will be a sign of weakness whereas, price may continue to move on a long consolidation and end up into distribution phase.
Conclusion:
Follow the trend, reconsider retracement as a "dip" or an opportunity to buy.
Do not short the parabolic just because you didn't made it buying on the dips.
Even you can count all the swings, re-consider being wrong and set your stops and as always #tradeResponsibly
Thank you!
If the candle stick that opened from 8am to 12nn was a success after it had its break out. Don't chase the price instead wait for its retracement for good risk to reward ration.
After a successful bounce on the retracement. Expect another acceleration where FEAR and GREED will push the price higher.
Potential next support oncethe $12,000 - 12,100 area level doesn't hold.
Next candle to open near the resistance will be a crucial. If this rally will continue or will retrace and hit our $12,100 - 12,000.
$11,800 - 11,600 area of support before it will retest the $12,400
A failure to break the 13,000 will be a sign of weakness whereas, price may continue to move on a long consolidation and end up into distribution phase.
Conclusion:
Follow the trend, reconsider retracement as a "dip" or an opportunity to buy.
Do not short the parabolic just because you didn't made it buying on the dips.
Even you can count all the swings, re-consider being wrong and set your stops and as always #tradeResponsibly
Thank you!
