Good evening guys…
Well that was an eventful move…
This post breaks it all down for you.
So lets start with the image during the quick update earlier on.
Notice how the move that attempted to the upside came in and I had stressed that unless there was a green vector, I would be very cautious with this zone.
The same reason we are cautious leads me to the next image, the Trigger candle.
I call it a trigger candle because it’s the candlestick that starts the true move.
Remember, when you see a red vector like the one in the image appear, you must pay attention to how it forms. Notice that they failed to break below the 50 ema…
This was the first clue for me.
Now let’s consider the main image that shows bitcoins journey after.
That one red vector (trigger) started the whole move…
Now one thing that we need to take into consideration, look at where we were in the charts, notice how bitcoin had not been moving at all and there was still that red vector that needed to be recovered on the 1hr time frame.
The takeaway for you is that one red vector candle…
This is what we look for…
Now notice in the main image, we have three red vectors where the top red vector has yet to be recovered, I expect this to be recovered, then an attempt towards the stop run zone…
Why do I assume this…Do you see any vectors below the W formation?
This could be a clue that they are done with this zone…No vectors for them to come back into on the smaller time frames, with the exception of the green vector on the 1hr time frame that has not been recovered. Do not ignore this.
To make sense of the above, check out the last video I posted “Quick Update”…
I will check in with you all tomorrow for the weekly breakdown…
Well done to everyone this week man…
We survived FOMC…Now it’s time to trade…
Mad Love
T
