Price is squeezing to the downside as we approach our 24,363$ Weekly S/R Zone. It also happens to be an extreme Daily Zone. The next Daily zone being at 22K which is a 10% drop from $24,363 Level. Short Traders have enjoyed a consistent downside push across the past 2 Months ever since BTC tapped into the $30,000 Weekly Level. This Long idea has to do more with the psychology of some players wanting to jump in the short/downside train. We'll see if a correction will change their minds as I can see a correction to clear out liquidity after we touch into a weekly S/R level ( 24,363$) . This Weekly s/r level was quite relevant during August 22' and February 23' .
Comment:
Price is recently tapped into 26,553 Daily resisatnce level. We have seen a reaction off it but price has been support at our 4hr s/r zone 26,155. With 2 days until the weekly candle close it's too early to make any conclusions. The daily candle just closed as a solid engulfing candle. We may consolidate here and then increase up to our target 27,306 Daily ressiatcne level with the new weekly candle depending on how this current weekly candle closes.
Comment:
The Weekly candle closed a 1.61% increase on the week. Additionally, it closed as a Hammer candle with a larger bottom wick denoting potential rejection. The beginning of the new week saw a good amount of Bullish pressure on BTC as price reached to 27,000$, only 1.5% from our 27,500$ first initial target.
Comment:
Market Structure has changed to Bullish on the Daily Timeframe.
Comment:
The Hammer Candle rejecting the Weekly S/R Zone 24,410$
Comment:
This Bullish Descending Wedge pattern worked out quite well. Take profits if you are using leverage I would say. If you are DCA then follow your Plan. Price has just tapped into the weekly level 28,105$ and we may see a pullback from here after quite the large ascent
Comment:
the market is up 9% over two days. this is a rather large gain and it would be wise to take some profit off the table since we have arrived to a monthly supply level 29,332$
