Last week was actually a very very bad week as we are seeing the price is showing us another uncertainty on the consolidation range which there is few opportunities occurred to jump in any position.
However, this week is slightly different as we are seeing the price is trending right at the very end of the last crossing point which is the APEX of the previously anticipated triangle in high cycle. It's going to be a very interesting week in our opinion.
First structure we need to see is the yellow trend line which previously was a support trend line and is now becoming possible resistance trend line for the second attempt of retesting this as a resistance. This trend line is important because price can show us another test toward this trend line in the future before it goes further downside movement.
The next structure is the liquidation zone which there are 2 unclosed gap/ wick on the downside which the first wick occurred at around $17622 and the second wick occurred at $16096. Based on these 2 unclosed gap/ wick, there is likely the price will shows us another downside push toward these areas first before catapult to the upside.
There are also 2 scenarios we covered on the chart which the yellow trend line and the liquidation zones covered can be the next bottom and ceiling for the price action. What we see here is the possible high volatility on different cycle. Very interesting.
Any upside push in the future must be suspected as the bullish trap structure and any downside push in the future must be suspected as the bearish trap.
However, this week is slightly different as we are seeing the price is trending right at the very end of the last crossing point which is the APEX of the previously anticipated triangle in high cycle. It's going to be a very interesting week in our opinion.
First structure we need to see is the yellow trend line which previously was a support trend line and is now becoming possible resistance trend line for the second attempt of retesting this as a resistance. This trend line is important because price can show us another test toward this trend line in the future before it goes further downside movement.
The next structure is the liquidation zone which there are 2 unclosed gap/ wick on the downside which the first wick occurred at around $17622 and the second wick occurred at $16096. Based on these 2 unclosed gap/ wick, there is likely the price will shows us another downside push toward these areas first before catapult to the upside.
There are also 2 scenarios we covered on the chart which the yellow trend line and the liquidation zones covered can be the next bottom and ceiling for the price action. What we see here is the possible high volatility on different cycle. Very interesting.
Any upside push in the future must be suspected as the bullish trap structure and any downside push in the future must be suspected as the bearish trap.
