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HEX Distribution
This idea will be labeled as bearish but it should it be noted upfront that I am bullish.. just not at this immediate moment. But I am closely watchful due to the fact that HEX has bullishly engulfed and formed what might be a tweezer bottom candlestick formation on the 4 hour time frame, which are technically seen as reversal patterns.
HEX seems to print these formations a lot as it did similarly just over a week ago before running up 60% to all time highs. And now we find the asset in the process of doing it again should this bullish engulfing 4 hour candle close confirm.
It is this reason that although the price action is getting rejected currently by my .236 fib level, as well as below a bearish downward sloping trendline that has been serving as resistance since the top, I am watching closely. Also, the first important critical area of resistance sits just inches over the current price's head and could therefor be smashed through any moment. Likewise, a rejection can occur and send the price bearishly wicking right back to the downside.
Unfortunately, these things are also why I must mark this idea as bearish and warn against any immediate longs until at MINIMUM the price breaks back above the red .236 fibonacci level I have labeled and ultimately break the bearish, red downward sloping distribution line that has kept the price under water since its peak a few weeks ago.
HEX seems to print these formations a lot as it did similarly just over a week ago before running up 60% to all time highs. And now we find the asset in the process of doing it again should this bullish engulfing 4 hour candle close confirm.
It is this reason that although the price action is getting rejected currently by my .236 fib level, as well as below a bearish downward sloping trendline that has been serving as resistance since the top, I am watching closely. Also, the first important critical area of resistance sits just inches over the current price's head and could therefor be smashed through any moment. Likewise, a rejection can occur and send the price bearishly wicking right back to the downside.
Unfortunately, these things are also why I must mark this idea as bearish and warn against any immediate longs until at MINIMUM the price breaks back above the red .236 fibonacci level I have labeled and ultimately break the bearish, red downward sloping distribution line that has kept the price under water since its peak a few weeks ago.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.