From 14th to 24th July, the market was ranging, a typical scenario where a battle ensues between buyers and sellers. The buyers attempted to hold the support using limit orders to hold and markets to raise, but the sellers proved to have the upper hand, resulting in a breakdown. In such situations, patience is key, and as a trader, you sometimes have to wait and observe the market's direction.
During this period, I was closely monitoring a potential breakout at 30,400, and I sought confirmation candles to ensure the buyers had enough strength. As soon as the price approached 30,400, the sellers aggressively responded, leading to the triggering of my stop-loss (SL) at 0% 30 105, closing my position.
For traders, it is vital to grasp the overall market situation and remain adaptable to any possible outcomes. In this case, the support (29,600) was expected to break, given the numerous failed attempts to hold, also weak dodge candles (white circles), and unsuccessful price pump (2) attempts.
As of the current situation since 24th July, it's evident that the buyers are still showing weakness. They are struggling to overcome local highs due to the presence of strong sellers, who are effectively controlling the price movement. The repeated appearance of weak candles from the buyers indicates their lack of interest despite the market pressure.
On the 4-hour chart, there has been a shift towards a downtrend, with both MA50 and MA200 pointing downwards. Additionally, the 1D chart shows a possibility of MA200 failing as well. Given these bearish signals, the outlook is not optimistic. The closest support lies around 28,100, which used to be a resistance level from March-April but has now turned into support. However, it's worth noting that this support might break too, leading to a potential drop towards the 25,400 target.
Given the current market conditions, I do not see any viable long opportunities. Instead, I would consider short positions on any pump attempts or following a new local breakdown.
Was this helpful? Boost it!
I'm in short from 29 600 (the were a local support retest) and that's the current weekend view, and the global situation can change rapidly.
During this period, I was closely monitoring a potential breakout at 30,400, and I sought confirmation candles to ensure the buyers had enough strength. As soon as the price approached 30,400, the sellers aggressively responded, leading to the triggering of my stop-loss (SL) at 0% 30 105, closing my position.
For traders, it is vital to grasp the overall market situation and remain adaptable to any possible outcomes. In this case, the support (29,600) was expected to break, given the numerous failed attempts to hold, also weak dodge candles (white circles), and unsuccessful price pump (2) attempts.
As of the current situation since 24th July, it's evident that the buyers are still showing weakness. They are struggling to overcome local highs due to the presence of strong sellers, who are effectively controlling the price movement. The repeated appearance of weak candles from the buyers indicates their lack of interest despite the market pressure.
On the 4-hour chart, there has been a shift towards a downtrend, with both MA50 and MA200 pointing downwards. Additionally, the 1D chart shows a possibility of MA200 failing as well. Given these bearish signals, the outlook is not optimistic. The closest support lies around 28,100, which used to be a resistance level from March-April but has now turned into support. However, it's worth noting that this support might break too, leading to a potential drop towards the 25,400 target.
Given the current market conditions, I do not see any viable long opportunities. Instead, I would consider short positions on any pump attempts or following a new local breakdown.
Was this helpful? Boost it!
I'm in short from 29 600 (the were a local support retest) and that's the current weekend view, and the global situation can change rapidly.
İşlem aktif:
29 600 enter price, 28 100 is my 1st target.
Yorum:
1H still on pressure by seller, the things are gettin worse. Buyer is not interested for this price. For any scalp longs it's better to reach 29 000 with a confirmed breakout.
Yorum:
In the meantime, 29,000 is againl under seller pressure.
Yorum:
29 000 break out was confirmed, scalp long opened at 29 000, lets see. BTW Short from 29 600 was closed at 29 100 with ~2% profit.
İşlem aktif:
doing well
Yorum:
and yeah I didn't enter on the second bottom, did enter with the breakot out and buyers confirmation at 29 000..same my team
