just a short update to last week's long suggestion. If you're not planning to read the analysis, my overall opinion on next week's move is "Bullish", but in the end, i may be wrong too.
Long biased targeting 12850-13050 (blue zone) .
Further action? Price comes back to retest 12000-12200.
so btc outperformed expectations. Was initially expecting targets of yellow area 11300-11500 but i guess btc was trying to reach it's own stretch goals of 12000-12200, the next supply zone.
After reaching that zone, it came back to test the 11300-11500 yellow zone as demand.
Now it's consolidating between the zones in a symmetrical triangle move, waiting for breakout.
Rational?
1) Upon test of 12000-12200 zone, price spiked through it and now, it consolidates just under it, absorbing supply in the zone. Furthermore, there was a 4h close inside the zone signalling supply exhaustion. Upon sufficient absorption, demand will exceed supply.
2) Upon retest of the 11300-11500 demand zone, price left it and never returned, means that even if price tests demand zone again, highly unlikely it will go through yet. There was also no candle close within the demand zone.
3) We're in an uptrend with a SFP at 9200. We've been making HH and HL ever since.
Safe trading everyone.
Long biased targeting 12850-13050 (blue zone) .
Further action? Price comes back to retest 12000-12200.
so btc outperformed expectations. Was initially expecting targets of yellow area 11300-11500 but i guess btc was trying to reach it's own stretch goals of 12000-12200, the next supply zone.
After reaching that zone, it came back to test the 11300-11500 yellow zone as demand.
Now it's consolidating between the zones in a symmetrical triangle move, waiting for breakout.
Rational?
1) Upon test of 12000-12200 zone, price spiked through it and now, it consolidates just under it, absorbing supply in the zone. Furthermore, there was a 4h close inside the zone signalling supply exhaustion. Upon sufficient absorption, demand will exceed supply.
2) Upon retest of the 11300-11500 demand zone, price left it and never returned, means that even if price tests demand zone again, highly unlikely it will go through yet. There was also no candle close within the demand zone.
3) We're in an uptrend with a SFP at 9200. We've been making HH and HL ever since.
Safe trading everyone.
Trade closed: stop reached:
will go back to the books and post further update next week.
