Hi everyone!
We had an interesting week.
The market finally moved significantly.
What's now?
As of now we don't know yet if this is (was) a bear market rally - aka short squeez - or an upside break.
Until proven, I stay with the general market structure (ranging > shot resistance, long support).
Short idea reasoning:
1) Price at HTF resistance
2) LTF weakness in PA (descending triangle)
3) RSI up momentum is fading
4) (Demand) testing the lows of the "god candle" - highest volume candle
5) Clear invalidation
+and if this move was a change in the market structure, then a breakout retest is a reasonable expectation (previous ath, significant monthly close)
After that who knows, but the level just mentioned is the key:
A) Acceptance, and we should see higher prices
B) Break below after this rally, and we should see lower prices
As always,
GL & HF
We had an interesting week.
The market finally moved significantly.
What's now?
As of now we don't know yet if this is (was) a bear market rally - aka short squeez - or an upside break.
Until proven, I stay with the general market structure (ranging > shot resistance, long support).
Short idea reasoning:
1) Price at HTF resistance
2) LTF weakness in PA (descending triangle)
3) RSI up momentum is fading
4) (Demand) testing the lows of the "god candle" - highest volume candle
5) Clear invalidation
+and if this move was a change in the market structure, then a breakout retest is a reasonable expectation (previous ath, significant monthly close)
After that who knows, but the level just mentioned is the key:
A) Acceptance, and we should see higher prices
B) Break below after this rally, and we should see lower prices
As always,
GL & HF
Dagangan ditutup: hentian tercapai
stopped out
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.