Hey Team,
Looking at the chart I can see continuing weakness. We are in a TR at the moment which still has bearish qualities.
My observations below
* Red arrow identifies a very bearish bar to the downside. Context is everything; we have volume coming down from the top producing a meaningful move down. Notice the current price difficulty in exceeding the close of this big bearish bar.
* We had two okay rallies into this resistance before we have loss momentum and now are in some consolidation which I think is another re-distribution of the bearish bar.
* The green arrow highlights a potential spring on a lower time chart(15 mins). This eventuated into UTA and then failure of demand pushing price to the bottom of the range -around 37500.
* The very low volume currently observed shows a lack of anything at the moment, demand or supply. In these situations favour the market bias which is bearish as fuck at the moment. I don't think it will take too much of an imbalance to push price to $30,000.
* The midway of the TR is at $35,000 so any 1hr closes below that I am confident we test the lows again into either a spring or a SOW.
Looking at the chart I can see continuing weakness. We are in a TR at the moment which still has bearish qualities.
My observations below
* Red arrow identifies a very bearish bar to the downside. Context is everything; we have volume coming down from the top producing a meaningful move down. Notice the current price difficulty in exceeding the close of this big bearish bar.
* We had two okay rallies into this resistance before we have loss momentum and now are in some consolidation which I think is another re-distribution of the bearish bar.
* The green arrow highlights a potential spring on a lower time chart(15 mins). This eventuated into UTA and then failure of demand pushing price to the bottom of the range -around 37500.
* The very low volume currently observed shows a lack of anything at the moment, demand or supply. In these situations favour the market bias which is bearish as fuck at the moment. I don't think it will take too much of an imbalance to push price to $30,000.
* The midway of the TR is at $35,000 so any 1hr closes below that I am confident we test the lows again into either a spring or a SOW.
Comment:
There is no demand visible in the structure. Continuation from here.