Hey guys,
As I pointed out in my previous analysis we lost the blue box by closing a 4HR candle below.
After that the bulls tried to regain the area but got rejected once again and weren't able to paint a higher high in the short term.
Besides that we played out the bearish divergence as pointed out on the chart.
But no reason for panic as of now because we pulled back and are fighting for support on the middle trend line of the macro parallel channel.
There isn't formed a lower low yet but sell pressure is indeed acting strong in this critical area for the bulls.
I personally don't think we are seeing a inverse head and shoulders but there is definitely sentiment in the sphere for that particular pattern
which will show some buying pressure in this area as well.
Thereby I see some similarities with the area marked in green.
We can see a push followed by a retest of the middle parallel channel trend line and ultimately a wick above to the upper trend line.
This might be the case for the upcoming days but is not guarenteed!
Key elements
-This area of +/-9040 needs to hold by closing higher timeframe candles above
-No edge to add on position or open position here (personal view)
-My view on the 9400+ test still remains as of now.
As I pointed out in my previous analysis we lost the blue box by closing a 4HR candle below.
After that the bulls tried to regain the area but got rejected once again and weren't able to paint a higher high in the short term.
Besides that we played out the bearish divergence as pointed out on the chart.
But no reason for panic as of now because we pulled back and are fighting for support on the middle trend line of the macro parallel channel.
There isn't formed a lower low yet but sell pressure is indeed acting strong in this critical area for the bulls.
I personally don't think we are seeing a inverse head and shoulders but there is definitely sentiment in the sphere for that particular pattern
which will show some buying pressure in this area as well.
Thereby I see some similarities with the area marked in green.
We can see a push followed by a retest of the middle parallel channel trend line and ultimately a wick above to the upper trend line.
This might be the case for the upcoming days but is not guarenteed!
Key elements
-This area of +/-9040 needs to hold by closing higher timeframe candles above
-No edge to add on position or open position here (personal view)
-My view on the 9400+ test still remains as of now.
Trade active:
9140
Comment:
Comment:
Traders!
Quick update on the current price action.
We are hanging on previous support right now marked with the green box, which can be a sign of re-accumulation/absorption.
The bearish look will be a bear flag but I don't think that's the case.
As of now the long position at 9140 remains active and expecting to reach 9200 rather soon.
Another thing is the 2HR hidden bullish divergence confirmed which will give some bullish impulse as well
Quick update on the current price action.
We are hanging on previous support right now marked with the green box, which can be a sign of re-accumulation/absorption.
The bearish look will be a bear flag but I don't think that's the case.
As of now the long position at 9140 remains active and expecting to reach 9200 rather soon.
Another thing is the 2HR hidden bullish divergence confirmed which will give some bullish impulse as well
Comment:
the trade remains active although we shot right trough my initial hard stop.
I had removed the hard stop just on time based on the spoofy looking selling pressure. What do I mean with that?
large buys followed by a substantial decrease on the bid side making it easier to drop the price with relatively small sells.
This stops out the (high leveraged) longs and create liquidity for the big guys at a lower price to scoop up.
With a 2HR close like this we have some clear buyers absorption as can be seen by the large wick down. In addition we might potentially form hidden bullish divergence on MACD as well.