Ironically, even with yesterday's pump to $18,200, the TA points to a bearish structure remaining intact. If anything, the run created a High Pole Warning which suggests a retrace to $17,600, followed by a relief rally to the Last Point of Supply (LPSY) in the $18,000 region, then a fall on a Major Sign of Weakness to the $14,600 region.
With the CPI release today coming inline with expectations, I'm on the sideline waiting for confirmations before taking any position. I think once I see a reversal at the LPSY signaling the second leg down, I'll look to take a short position with a TP of $14,600. I think the R/R is worth it at that level.
Thanks @borisengelaber I appreciate the kind words. Another coin I've been patiently waiting on is MATIC. It should retest the $0.60 - $0.70 region right before retesting the $1.05 highs and it's looking like a very solid swing trade if everything plays out.
Ironically, even with yesterday's pump to $18,200, the TA points to a bearish structure remaining intact. If anything, the run created a High Pole Warning which suggests a retrace to $17,600, followed by a relief rally to the Last Point of Supply (LPSY) in the $18,000 region, then a fall on a Major Sign of Weakness to the $14,600 region.
With the CPI release today coming inline with expectations, I'm on the sideline waiting for confirmations before taking any position. I think once I see a reversal at the LPSY signaling the second leg down, I'll look to take a short position with a TP of $14,600. I think the R/R is worth it at that level.
Good analysis LP! Yes we could well make another low around 14k before the bottom is really in.
Thanks @borisengelaber I appreciate the kind words. Another coin I've been patiently waiting on is MATIC. It should retest the $0.60 - $0.70 region right before retesting the $1.05 highs and it's looking like a very solid swing trade if everything plays out.
Yes I am watching that soon. Polygon has had a hell of a year 2022 with lots of excellent partnerships like Starbucks or Disney.