The only reason I see why the price hasn't continued its uptrend moves yet is because we see a huge resistance zone slightly above current region where the price is trending now. This is the logical zone where every day traders need to anticipate. Golden pocket zone however will bring a huge effect in short term and a must watch zone for most of the day traders. As the day traders, we must respect this zone and not to hurry to enter a long position at this condition. However, I still see a huge momentum from the bulls to stack more and more long position at this correction.
All the price action has showed us that the price is respecting this golden pocket zone as a strong resistance. It's proven with the consolidation moves which forms a triangle pattern slightly below this range. I don't see any possible movement for further drop below this triangle for short term. All you can see is at the EW count which I've labelled on the chart shared. Based on the chart, we can see a possible upside moves to challenge more at the interim swing high on possible end of wave 3 in short term. For middle term, I still see possible more upside moves as an action to complete wave 5 at around $13000 or potentially extended at the $14000.
From the perspective of the news and crypto adoption, I see a good news which said that 2 huge company which is moving in the fintech business line, Square and MicroStrategy has entered the market of cryptocurrency is showing us that the belief level in crypto market in general has been growing in the last few months. It's a good news for crypto. I don't usually use the news to analyze the price movement in the future but when the news and the technical output moves in the same line, there will be a good type of analysis and it's rarely to be a false signal.
My next long position for averaging purpose is when the price is able to break out from current resistance trend line of the triangle on lower degree.
All the price action has showed us that the price is respecting this golden pocket zone as a strong resistance. It's proven with the consolidation moves which forms a triangle pattern slightly below this range. I don't see any possible movement for further drop below this triangle for short term. All you can see is at the EW count which I've labelled on the chart shared. Based on the chart, we can see a possible upside moves to challenge more at the interim swing high on possible end of wave 3 in short term. For middle term, I still see possible more upside moves as an action to complete wave 5 at around $13000 or potentially extended at the $14000.
From the perspective of the news and crypto adoption, I see a good news which said that 2 huge company which is moving in the fintech business line, Square and MicroStrategy has entered the market of cryptocurrency is showing us that the belief level in crypto market in general has been growing in the last few months. It's a good news for crypto. I don't usually use the news to analyze the price movement in the future but when the news and the technical output moves in the same line, there will be a good type of analysis and it's rarely to be a false signal.
My next long position for averaging purpose is when the price is able to break out from current resistance trend line of the triangle on lower degree.
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