Price is currently in between our Weekly Level's
Support - 27,592 $
Resistance - 30,319 $
Price Is currently in between our Daily Level's
Support - 28,857 $
Resistance - 29,540 $
Price Appears to be closing above our Daily Level 28,857 which is a Win for the Bulls.
The Bulls are also happy that the weekly candle appears to be printing a larger bottom wick than a top wick.
This Bottom wick is also rejecting our Weekly Support Level at 27,592.
Zooming out we can see that Bulls are also happy that price has been printing
Higher lows on the Daily Chart since the 3rd week of March.
The Bears are happy that the Weekly Candle appears to be rejecting the 29,540 $ Daily level from the Previous week.
The Bears are looking for Pullbacks to Medium term 24,310 and the Longer term targets being 10,600 Monthly Level.
I can observe Bears being content with holding shorts as long as price holds below our 30,319 Weekly Level that extends back to June 22'
30,319 is a S/R Zone that held as a Solid Support during the recent Bull Run to 69K.
Price held Support at this S/R Zone (30,319 $) during Jan 21' and July 21'.
This is a Major Key Level (30,319$) for Shorts as I can observe price going back up to 39K rather easily if price does not hold here.
Support - 27,592 $
Resistance - 30,319 $
Price Is currently in between our Daily Level's
Support - 28,857 $
Resistance - 29,540 $
Price Appears to be closing above our Daily Level 28,857 which is a Win for the Bulls.
The Bulls are also happy that the weekly candle appears to be printing a larger bottom wick than a top wick.
This Bottom wick is also rejecting our Weekly Support Level at 27,592.
Zooming out we can see that Bulls are also happy that price has been printing
Higher lows on the Daily Chart since the 3rd week of March.
The Bears are happy that the Weekly Candle appears to be rejecting the 29,540 $ Daily level from the Previous week.
The Bears are looking for Pullbacks to Medium term 24,310 and the Longer term targets being 10,600 Monthly Level.
I can observe Bears being content with holding shorts as long as price holds below our 30,319 Weekly Level that extends back to June 22'
30,319 is a S/R Zone that held as a Solid Support during the recent Bull Run to 69K.
Price held Support at this S/R Zone (30,319 $) during Jan 21' and July 21'.
This is a Major Key Level (30,319$) for Shorts as I can observe price going back up to 39K rather easily if price does not hold here.
Comment:
I posted this Long Idea as the Saturday Daily candle was coming to a close. This was because the daily candle closed above our Daily Level 28,857. The weekly candle was due to close in 24 hours. The Sunday Daily candle did not close above 28,854 Daily Level. Instead the Sunday daily candle came roaring back down and closed at our next Daily level below . Now this was also the Weekly candle close. So our learning lesson being, The Weekly candle close is quite important. So Wait for it to Close! Where does it close? This tells us likely where we will be headed next and can be anticipated, at least in the Short term.
