Evening @everyone
My thoughts on BTC, that bounce from 8800 was justified and honestly expected. What it did give me is some validation, off a Lower Low in structure. What I'm looking for right now is some form of continuation for this move, in the form of a LH (Lower High)
I personally am expecting us to return to the scene of the crime of 8800 for a retest of this Demand level.
Ultimately, I don't think this upward trend s sustainable, not after being rejected at Supply and then subsequently not even being able to reach it again.
The 4h looks like it's forming that LH as we speak & the 1D is in the midst of forming a downtrend. With the indicators being where they are, Demand is once again the target and if we do smash through it, you can clearly see what levels we have below it.
Not getting ahead of myself though, we'll see if we hold this level and reassess.
(Demand was drawn on Daily timeframe)
My thoughts on BTC, that bounce from 8800 was justified and honestly expected. What it did give me is some validation, off a Lower Low in structure. What I'm looking for right now is some form of continuation for this move, in the form of a LH (Lower High)
I personally am expecting us to return to the scene of the crime of 8800 for a retest of this Demand level.
Ultimately, I don't think this upward trend s sustainable, not after being rejected at Supply and then subsequently not even being able to reach it again.
The 4h looks like it's forming that LH as we speak & the 1D is in the midst of forming a downtrend. With the indicators being where they are, Demand is once again the target and if we do smash through it, you can clearly see what levels we have below it.
Not getting ahead of myself though, we'll see if we hold this level and reassess.
(Demand was drawn on Daily timeframe)
As expected, we saw that decline back to that Demand level, with a swift buy up to push us back to the 23 Fibonacci levels.
Looking at this market structure and the currently 4h candle, if we don't make any significant movements above here I do suspect this buy up would just be a knee jerk reaction and will more than likely decent backdown and form our continuation. But although the uncertain direction with btc, or the lack thereof rather, it's giving some time for the alts to have a fkurry, with a decent few of them in the double digit gains overnight.
Concluding, I very much believe, on a higher timeframe basis, we will eventually continue down, really testing that Demand at 8800 and making a decision there.