Hi Riders, so far we are seeing NASDAQ still fighting to escape dark red zone, recently it failed to hold price above upper limit and went back down to test Rider Band and potentially orange line trend as support. On the weekly chart trend is still clearly bearish so both Nasdaq and Crypto are still swimming agains the tide.
Bull signal are still active on the daily timeframe, support al the way down at 11551 (-5% from CP) for nasdaq and 19500 (-6.8% from CP) for Bitcoin. Those levels will be the real test for all assets, there are many times in the past when a bull signal appeared and then it came all the way down to test trend support, so no rushing into conclusions right now.
Make sure you have the Trend support-resistance line enabled on your daily charts. I personally will be looking for longs or adding to my midterm positions on the daily chart if price does touch the orange line and a orange signal or bounce signal appears.
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Other news: We just added a new feature to our Rider Algo#2, an "All time high table" on the upper right corner. This helps to rapidly calculate how far from the last all time high price an asset it right now. Specially helpful for accumulation.
Please remove and add again the Trend Rider algo #2 indicator to see this table
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Nasdaq Daily chart
Bull signal active
Take profit signal and orange circle on oscillator anticipated some kind of correction.
Will have to wait to see if support holds or if nasdaq gets out of the dark red zone.
Bitcoin chart
Bull signal active
Take profit signal and orange circle on oscillator anticipated some kind of correction.
At this point i am expecting a test of the orange line eventually as there is not much support right now.
If we do get an X above candle then Bears will gain strength.
So in conclussion, regarding the daily chart we are right now on wait and see mode. On lower timeframes as always there are plenty of opportunities to trade using our signals. We recently tweeted how our signals had a +70% success rate on the $BTC 1hr timeframe the last 7 days, that is outstanding in my opinion. However, remember that success rate is not as relevant as a good Stop loss and take profits disicpline, you can have a 40% winning rate an be in massive profits. Personally i reduced some of my non leverge position after daily TP signal and will be looking to buy again when bounce signals appear. Also as nasdaq was rejected will start trading more on lower timeframe trades again.
