Explanation regarding where we are in the market at the moment at the bottom of the idea, but as what I do expect as next moves.
Is the market going back testing the area it drop to on heavy supply, being the 42k-44k zone. Considering the heavy supply that came in, that need to diminish and go through a brand new accumulation cycle before going any time upper than 60k again. Where 42k-44k has been the last area where a significant buying interest was manifested, being the bottom. Which as for now, I do expect to hold since big hands have been playing there with buying interest.
-But to consider that the move down to 46k is next, I do need next a break under 47k on supply volume, as well as a break under 46k to consider 44k-42k next. Which is all important to monitor cause a drop to 42k could happen really fast.
As now, since there's still demand presence, with a pause in selling, I could expect more testing of 50k, or even 53k before it pursue it move down, which could be nice areas to initiate sells on light demand signs.
I am not considering 60k for now, unless it would go back upside 50k on heavy demand with maintained sign of strength.
Daily
Weekly
Regarding the drop of last week.
As I've been expecting a drop to lower zones for a while now, as mentioned into this idea
And as much as the market was giving sign of a imminent drop back to 50k, it did before dropping again of the area, even if most of the action did happen within the big drop to 42k-40k, which was still an impression movement since it did distribute while on moving down instead of through a structure, which was the reason of the velocity and momentum increasing so much at that moment.
Idea will be updated as price moves.
Is the market going back testing the area it drop to on heavy supply, being the 42k-44k zone. Considering the heavy supply that came in, that need to diminish and go through a brand new accumulation cycle before going any time upper than 60k again. Where 42k-44k has been the last area where a significant buying interest was manifested, being the bottom. Which as for now, I do expect to hold since big hands have been playing there with buying interest.
-But to consider that the move down to 46k is next, I do need next a break under 47k on supply volume, as well as a break under 46k to consider 44k-42k next. Which is all important to monitor cause a drop to 42k could happen really fast.
As now, since there's still demand presence, with a pause in selling, I could expect more testing of 50k, or even 53k before it pursue it move down, which could be nice areas to initiate sells on light demand signs.
I am not considering 60k for now, unless it would go back upside 50k on heavy demand with maintained sign of strength.
Daily
Weekly
Regarding the drop of last week.
As I've been expecting a drop to lower zones for a while now, as mentioned into this idea
Idea will be updated as price moves.
Comment:
did test back 51k, for then going to 49k-50k, and making a drop 46k, which was indeed good short scalping.
Now, there's still buying interest for price to not drop back to 44k yet, which I still await for this area to have price going back to.
And before it would, and as I next move I am awaiting for, is a rise to 53k again. And would look at the area for signs of big interest selling again, as it did in the past.
A light supply around 48.7k49k could be a nice place to scalp buys to 52k-53k
Now, there's still buying interest for price to not drop back to 44k yet, which I still await for this area to have price going back to.
And before it would, and as I next move I am awaiting for, is a rise to 53k again. And would look at the area for signs of big interest selling again, as it did in the past.
Comment:
'' A light supply around 48.7k49k could be a nice place to scalp buys to 52k-53k '' -> it did give the nice buy scalp entry at the 48k-49k area, with a rise to 52k, for then having price rejecting the the zone & having some profit taking for then having sellers coming in for it as expected.
Still believing it is going to 44k at least, break under 45.5k would be a sign.
& the way it did retest the 48k resistance, it is in fact supply committed.
Still believing it is going to 44k at least, break under 45.5k would be a sign.
& the way it did retest the 48k resistance, it is in fact supply committed.
Comment:
'' Still believing it is going to 44k at least, break under 45.5k would be a sign. '' Which has not been happening, because it is not ready yet.
Now the thing to look for is a retracement up to 49k-50k, having the opportunity to take buys positions on the pull up there.
update would still be made, as the price move.
Now the thing to look for is a retracement up to 49k-50k, having the opportunity to take buys positions on the pull up there.
update would still be made, as the price move.
Comment:
to be even more precise, 46k again then 49k area or just 49k area directly, but calming down on supply ain't for that yet.
Trade closed: target reached
Overall, as this was mentioned as next before any drop
''As now, since there's still demand presence, with a pause in selling, I could expect more testing of 50k, or even 53k before it pursue it move down, which could be nice areas to initiate sells on light demand signs.''; it went back testing 51k which was a super good area to initiate a short, for then going back testing 49k-50k area a few more times (4x) before dropping back to 46k.