Hi all,
There's just one day ahead of monthly close and right now it's all about that close. If we manage to close at $37,253, we will get a doji candle on the monthly chart and then a pull back makes sense. I bet we will pump at the last hours to get this, just like the past few candles. It looks so engineered to me, given the empty volume candles. I don't like the price / volume divergence as the volume should increase in an upward trend. We stayed mostly under the average and yet here we are at $36k. I think it's more risky to buy here than $30k as we are approaching to the top of trading range. Patience required.
Let's review the bullish case i shared yesterday;
Done(ish):
1- We are likely to get a higher high today with the break of supply trendline. Not a strong break imo and some traders use trendline from the UTAD of distribution which is not broken yet.
Still need to close above:
2- 37,253 - the close of May and the point of control.
3- 37,770 - the 50 period MA (forgot this yesterday)
4- 41.346 - top of the trading range (42+ would be a breakout imo)
Remember i have exited at $40k, so i'm ok with getting back in at these levels. You should not trade with my advice and make your own decisions.
Trade safe.
There's just one day ahead of monthly close and right now it's all about that close. If we manage to close at $37,253, we will get a doji candle on the monthly chart and then a pull back makes sense. I bet we will pump at the last hours to get this, just like the past few candles. It looks so engineered to me, given the empty volume candles. I don't like the price / volume divergence as the volume should increase in an upward trend. We stayed mostly under the average and yet here we are at $36k. I think it's more risky to buy here than $30k as we are approaching to the top of trading range. Patience required.
Let's review the bullish case i shared yesterday;
Done(ish):
1- We are likely to get a higher high today with the break of supply trendline. Not a strong break imo and some traders use trendline from the UTAD of distribution which is not broken yet.
Still need to close above:
2- 37,253 - the close of May and the point of control.
3- 37,770 - the 50 period MA (forgot this yesterday)
4- 41.346 - top of the trading range (42+ would be a breakout imo)
Remember i have exited at $40k, so i'm ok with getting back in at these levels. You should not trade with my advice and make your own decisions.
Trade safe.
Commentaire:
We have a new downward column on p&f chart!
