BTCUSD another good shot from the bulls
Hi there!
So I am glad that support zone that was defined as a retest of a previous breakout has played out well!
Price consolidated right at support and shortly after consolidation it shot up!
The price now is pinched in between the two zones:
Below there's been a strong bullish consolidation 7700-8700 (marked as green ellipse) which provided STRONG impulse to 10500
Above there's been a strong bearish consolidation 9100-9600 (marked as red ellipse) which sent the price back to it's 8K-ish
By only giving it a glance one can argue that consolidation below the current price is more massive than the force that is facing price from above. More volume has been traded below, yet the price action provided by STRONG impulse seems very impressive.
I bet we might see some consolidation around 9100 resulting in another bullish impulse to retest 9900.
Also take a look at how precise the price reacts to trend line (marked with green arrows). My point here is that the STRONG impulse managed to break the descending trend line and despite price sliding down it manages to hold above the trend line.
If not, then I will be surprised. If price fails to defend the 9100 line, then bullas are in trouble cus all that massive power that's been ranging from Jun 20 to Sep 20 will be pushing from above.
Have a profitable trade!
So I am glad that support zone that was defined as a retest of a previous breakout has played out well!
Price consolidated right at support and shortly after consolidation it shot up!
The price now is pinched in between the two zones:
Below there's been a strong bullish consolidation 7700-8700 (marked as green ellipse) which provided STRONG impulse to 10500
Above there's been a strong bearish consolidation 9100-9600 (marked as red ellipse) which sent the price back to it's 8K-ish
By only giving it a glance one can argue that consolidation below the current price is more massive than the force that is facing price from above. More volume has been traded below, yet the price action provided by STRONG impulse seems very impressive.
I bet we might see some consolidation around 9100 resulting in another bullish impulse to retest 9900.
Also take a look at how precise the price reacts to trend line (marked with green arrows). My point here is that the STRONG impulse managed to break the descending trend line and despite price sliding down it manages to hold above the trend line.
If not, then I will be surprised. If price fails to defend the 9100 line, then bullas are in trouble cus all that massive power that's been ranging from Jun 20 to Sep 20 will be pushing from above.
Have a profitable trade!
Note
I wouldn’t be surprised if this closes as a inside day failure, if you ask me. Note
Still at support.Ok, we did not hold at 9100 and in fact are sitting below. But wtf, I feel bullish and I'll tell why:
Looking at the daily we have some good PA at support. So I would say it takes a little longer to consolidate and price had to move a little lower than I expected but it still acts bullish. So who give a fuck?
Look at the red dotted line!!! Despite me not being a fan of trend lines it seems they work well!
To resume: expecting a move to retest 9900 on HTF.
Trade with care
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.