Market moving sideways in the 24,5-29,6k range.
MA-wise that's unprecedented congestion (since 2015), as 20/50/100/200 weekly MAs are included in a price range of approximately 20%. Price action is currently frail and a strong breakout will undoubtedly follow along next few weeks.
Looking at previous cycles and interpolating the position of the 2nd rein of each bottoming phase we get an indication that all the area rising from 24k to about 28k may provide the degree of support for a higher low formation, hence confirming a november '22 bottom and anticipating an uptrend.
In order for such scenario to materialize some conditions should be met:
1) 24k area should NOT broken in a W close.
2) Price shoud move up to MA200W (bold orange - currently at 28k) and over.
3) Finally, price should break out of current (sideways) channel by piercing on volume MA100W (green), now close to 30k.
Once that's hypothetically achieved we should start seeing long candles unfolding.
Yet, let me rehiterate once more: 24k area should shold in W close, or such scenario would be (likely) invalidated.
Patience, let's see what october brings ...
MA-wise that's unprecedented congestion (since 2015), as 20/50/100/200 weekly MAs are included in a price range of approximately 20%. Price action is currently frail and a strong breakout will undoubtedly follow along next few weeks.
Looking at previous cycles and interpolating the position of the 2nd rein of each bottoming phase we get an indication that all the area rising from 24k to about 28k may provide the degree of support for a higher low formation, hence confirming a november '22 bottom and anticipating an uptrend.
In order for such scenario to materialize some conditions should be met:
1) 24k area should NOT broken in a W close.
2) Price shoud move up to MA200W (bold orange - currently at 28k) and over.
3) Finally, price should break out of current (sideways) channel by piercing on volume MA100W (green), now close to 30k.
Once that's hypothetically achieved we should start seeing long candles unfolding.
Yet, let me rehiterate once more: 24k area should shold in W close, or such scenario would be (likely) invalidated.
Patience, let's see what october brings ...
Comment:
28k met. See condition 2).
Comment:
Ok, that's close to top of channel (3).
Watch it now.
Watch it now.
Comment:
Guess what ?
Unsurprisingly.
Unsurprisingly.
Comment:
"Once that's hypothetically achieved we should start seeing long candles unfolding."
We've just witnessed a 4k or 15% candle within a day, on 30k area breakout.
Sideways channel pierced, your patience was rewarded.
Closing.
We've just witnessed a 4k or 15% candle within a day, on 30k area breakout.
Sideways channel pierced, your patience was rewarded.
Closing.