Heya my dear thriving community of hustlers and busters, traders and shillers, movers and shakers hope you are having a tremendous freaki'n day!
So here are several important things to keep in mind when digesting the recent price action:
1. Price action takes a precedent over any shape or pattern formation
2. So far it looks like 9.5 k to 10K levels have formed as a massively liquid bull controlled zones and new wicks to the downside that got bought up actually prove this theory.
3. There is no immediate danger to resolve this price action to the downside as long as fib 236 level at 9550 holds.
4. Resolution to the downside becomes very likely if we see a sudden change in buyer sentiment and market entry of a new player with large liquidity pool looking to buy lows. And Guess what? -We have this kind of player entering the market on Monday.
5. The sell the news factor for Bakkt has already been priced in, so I personally do not expect for market to pump on Monday. If anything, I think we will get shorted to the kingdom come before we see BTC to pump again.
6. I think that the Bakkt's entry will be followed by events similar to CME's entry to the market.
7. Tether and IFINEX corporation is still under inditement, so it is not very likely for them to print more Tether to inject additional liquidity to the market, this implies that bullish resolution of the consolidation is unlikely.
8. BTC liquidity is becoming shallower and shallower ever since some major exchanges started dropping US customers. This again hinds on the bearish resolve of the formation.
From the technical standpoint:
1. money flow on 4 hours is going red, which implies a certain sell pressure.
2. Most of the high and low timeframe Volume oscillators are turning below ZERO, which also means that sell pressure is back and we also might see a change in buyer sentiment. This means that liquidity on 9.5-10K levels will steadily turn shallow.
3. 2-hour stochs have turned down, 12 hour RSI has entered bearish controlled zone, the case is the same with daily stocks and RSI.
4. We started to form a down trending price channel marked with green dotted lines.
5. An immediate pick me up price level is consolidated at 382 fib level at 9.8 K. If it breaks ...
6. Bearish resolution of the whole structure is 70% likely is we fully open and close 4-hour dildo at fib 236 level roughly at 9.5K level.
7. If by any chance we manage to cross above 10.55K level at Fib 786, open and close 4-hour dildo above that level then I will expect at first a trappy trap price action and if the level holds- immediate continuation and resolve to the upside.
Conclusion,
- Next move most likely (70%) is to the downside
- If 9.5k breaks, then we will continue with the downward price movement.
- Next lower and higher targets are underlined in the chart as blue, red, green and grey support and resistance lines.
- These lines are also showing price movement channels. If one channel gets broken, then the second channels assume the priority.
If you like my crazy rambling and in-depth updates of the market, please subscribe to my profile and like the post.
Have a great trading day and stay safe!
Cheers
Archie
So here are several important things to keep in mind when digesting the recent price action:
1. Price action takes a precedent over any shape or pattern formation
2. So far it looks like 9.5 k to 10K levels have formed as a massively liquid bull controlled zones and new wicks to the downside that got bought up actually prove this theory.
3. There is no immediate danger to resolve this price action to the downside as long as fib 236 level at 9550 holds.
4. Resolution to the downside becomes very likely if we see a sudden change in buyer sentiment and market entry of a new player with large liquidity pool looking to buy lows. And Guess what? -We have this kind of player entering the market on Monday.
5. The sell the news factor for Bakkt has already been priced in, so I personally do not expect for market to pump on Monday. If anything, I think we will get shorted to the kingdom come before we see BTC to pump again.
6. I think that the Bakkt's entry will be followed by events similar to CME's entry to the market.
7. Tether and IFINEX corporation is still under inditement, so it is not very likely for them to print more Tether to inject additional liquidity to the market, this implies that bullish resolution of the consolidation is unlikely.
8. BTC liquidity is becoming shallower and shallower ever since some major exchanges started dropping US customers. This again hinds on the bearish resolve of the formation.
From the technical standpoint:
1. money flow on 4 hours is going red, which implies a certain sell pressure.
2. Most of the high and low timeframe Volume oscillators are turning below ZERO, which also means that sell pressure is back and we also might see a change in buyer sentiment. This means that liquidity on 9.5-10K levels will steadily turn shallow.
3. 2-hour stochs have turned down, 12 hour RSI has entered bearish controlled zone, the case is the same with daily stocks and RSI.
4. We started to form a down trending price channel marked with green dotted lines.
5. An immediate pick me up price level is consolidated at 382 fib level at 9.8 K. If it breaks ...
6. Bearish resolution of the whole structure is 70% likely is we fully open and close 4-hour dildo at fib 236 level roughly at 9.5K level.
7. If by any chance we manage to cross above 10.55K level at Fib 786, open and close 4-hour dildo above that level then I will expect at first a trappy trap price action and if the level holds- immediate continuation and resolve to the upside.
Conclusion,
- Next move most likely (70%) is to the downside
- If 9.5k breaks, then we will continue with the downward price movement.
- Next lower and higher targets are underlined in the chart as blue, red, green and grey support and resistance lines.
- These lines are also showing price movement channels. If one channel gets broken, then the second channels assume the priority.
If you like my crazy rambling and in-depth updates of the market, please subscribe to my profile and like the post.
Have a great trading day and stay safe!
Cheers
Archie
交易進行:
Some of us got some tasty bear meat BBQ yesterday. I think we are going to see further movement towards 7.5 level. Meanwhile, there is a possibility to retest EMA 377 on daily and if we go above (open and close above it) possibly revisit 8.8-9.2 level range.