Update from previous idea:
Last post went pretty well called the perfect long opportunity from the ascending pattern, if you go back you can see price broke and perfectly retested the formation before moving around 9% up with little consolidation, so that was nice.
I want to focus on a slightly bigger timeframe here to show the battle price is going to have here because we are still in a bearish trend. not even hutting the 0.618 level yet. to go much higher is where we will start to run into big resistance levels.
on the bright side we have so much liquidity left around the 42-43.3 levels needs to be hit. currently we are in this zone, quite choppy as well but seeing price right now breaking to the upside I am focused on price pumping above the first candle high of the consolidation, so this candle closes bullish the second pumps up then we see the bullish retrace and continuation to the next zone.
this doesn't have to happen this 4hr could easily be another wick and price could continue ranging but that is what to look for the next few days this pattern playing out to either side. we look bullish now but if we break that pink line I will favour a short.
Last post went pretty well called the perfect long opportunity from the ascending pattern, if you go back you can see price broke and perfectly retested the formation before moving around 9% up with little consolidation, so that was nice.
I want to focus on a slightly bigger timeframe here to show the battle price is going to have here because we are still in a bearish trend. not even hutting the 0.618 level yet. to go much higher is where we will start to run into big resistance levels.
on the bright side we have so much liquidity left around the 42-43.3 levels needs to be hit. currently we are in this zone, quite choppy as well but seeing price right now breaking to the upside I am focused on price pumping above the first candle high of the consolidation, so this candle closes bullish the second pumps up then we see the bullish retrace and continuation to the next zone.
this doesn't have to happen this 4hr could easily be another wick and price could continue ranging but that is what to look for the next few days this pattern playing out to either side. we look bullish now but if we break that pink line I will favour a short.
