I've been a Bear's Bear, calling for 5.4k when price was over 12k, and even I, after that 6.4k reaction took notice. In my previous Idea, I called for 7.2k to be an important area, and it was. I planned to close my Longs from the mid 6's, and I did.
A) was my post regarding 7.2k, and how I'd close my Longs if we had a significant 4hr close below 7.2k. We did. And what transpired was some distribution before taking it down another tier. (When I trade, I find Int Highs/Lows, The nearest to current price with LH's on each side; in case of a top, and HL's on each side;in case of a low, I mark these H&L on Monthly/Weekly/Daily and plot the 25,33,50,66,and 75% levels), hope that makes sense.
B) Price finds support at the 66% Daily Int H/L Level mentioned above. In doing so, it has created an "inefficiency". The White Box. Markets tend to come back and fill these, particularly when they blow through going both directions. This level also features 3 Confluent INT HL Levels! (Red(Monthly) 66%, Green(Daily) 50%, Purple(1hr)66%). Also providing confluence near this level (7020-7080), is the 8/1 of my Micro TF Gann Fan. (The low created at 6.8 occured at my Daily 8/1 Gann Fan, 8/1 is the spot where Bulls step in if they plan to generally).
C) Our High is in near the Daily 25% Level and we begin putting in LH's. We're now nearing a test of the 4/1 on this Micro Fan.
7020-7080 is my ideal spot to enter back Long. The confluence is strong, and the RR is easily defined. A close below 6850 and any Bullish positions I have would be closed (non Spot, I always have some of various coins/projects in LongTerm Cold Storage etc).
A) was my post regarding 7.2k, and how I'd close my Longs if we had a significant 4hr close below 7.2k. We did. And what transpired was some distribution before taking it down another tier. (When I trade, I find Int Highs/Lows, The nearest to current price with LH's on each side; in case of a top, and HL's on each side;in case of a low, I mark these H&L on Monthly/Weekly/Daily and plot the 25,33,50,66,and 75% levels), hope that makes sense.
B) Price finds support at the 66% Daily Int H/L Level mentioned above. In doing so, it has created an "inefficiency". The White Box. Markets tend to come back and fill these, particularly when they blow through going both directions. This level also features 3 Confluent INT HL Levels! (Red(Monthly) 66%, Green(Daily) 50%, Purple(1hr)66%). Also providing confluence near this level (7020-7080), is the 8/1 of my Micro TF Gann Fan. (The low created at 6.8 occured at my Daily 8/1 Gann Fan, 8/1 is the spot where Bulls step in if they plan to generally).
C) Our High is in near the Daily 25% Level and we begin putting in LH's. We're now nearing a test of the 4/1 on this Micro Fan.
7020-7080 is my ideal spot to enter back Long. The confluence is strong, and the RR is easily defined. A close below 6850 and any Bullish positions I have would be closed (non Spot, I always have some of various coins/projects in LongTerm Cold Storage etc).
