Bulls riding the uptrend from the 5000$ mark have mainly booked profits and abandoned the run as the volume profile indicates. Price is ranging trying to find new demand but the price actin shows that there is not enough demand in this range for a breakaway up yet. RSI is trending downwards indicating withdrawal of buyers. potential Elliot Wave correction in play but I would not hold my breath over it.
Swing trading is recommended as this event may take around 3-7 days to play out. Day traders be aware of the stop hunts.
looking to short the top of the range upon price action confirmation with 1st target at the middle of the range and 2nd target towards the 6500$ mark where strong demand may potentially arise..
Swing trading is recommended as this event may take around 3-7 days to play out. Day traders be aware of the stop hunts.
looking to short the top of the range upon price action confirmation with 1st target at the middle of the range and 2nd target towards the 6500$ mark where strong demand may potentially arise..