Hey Team,
Looking at the chart I can see continuing weakness. We are in a TR at the moment which still has bearish qualities.
My observations below
* Red arrow identifies a very bearish bar to the downside. Context is everything; we have volume coming down from the top producing a meaningful move down. Notice the current price difficulty in exceeding the close of this big bearish bar.
* We had two okay rallies into this resistance before we have loss momentum and now are in some consolidation which I think is another re-distribution of the bearish bar.
* The green arrow highlights a potential spring on a lower time chart(15 mins). This eventuated into UTA and then failure of demand pushing price to the bottom of the range -around 37500.
* The very low volume currently observed shows a lack of anything at the moment, demand or supply. In these situations favour the market bias which is bearish as fuck at the moment. I don't think it will take too much of an imbalance to push price to $30,000.
* The midway of the TR is at $35,000 so any 1hr closes below that I am confident we test the lows again into either a spring or a SOW.
Looking at the chart I can see continuing weakness. We are in a TR at the moment which still has bearish qualities.
My observations below
* Red arrow identifies a very bearish bar to the downside. Context is everything; we have volume coming down from the top producing a meaningful move down. Notice the current price difficulty in exceeding the close of this big bearish bar.
* We had two okay rallies into this resistance before we have loss momentum and now are in some consolidation which I think is another re-distribution of the bearish bar.
* The green arrow highlights a potential spring on a lower time chart(15 mins). This eventuated into UTA and then failure of demand pushing price to the bottom of the range -around 37500.
* The very low volume currently observed shows a lack of anything at the moment, demand or supply. In these situations favour the market bias which is bearish as fuck at the moment. I don't think it will take too much of an imbalance to push price to $30,000.
* The midway of the TR is at $35,000 so any 1hr closes below that I am confident we test the lows again into either a spring or a SOW.
Not
There is no demand visible in the structure. Continuation from here.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.