Given the liquidity pool created for another move up, we can target 8.6k-8.9k as the next block of resistance and reversal.
Expecting stop loss hunting for a few more days until big bids are wicked.
why 8.8k as resistance:
- 3D kijun sitting
- 1W tenkan
- 0.6 fib retrace has held in the past
why short:
- once liquidity is used up, trend pauses
- and once volume declines, retrace begins
- continual short squeezes end up with moderate consolidation before volatile flush
Plan: Have heavy bids set at the 8.6-8.9k region because once stops run at 8.6, there could be an expected wick through ob before reversal.
Add at 0.7 fib if it even gets there. SL at 10k. target at 4.7k. 45/15 RR.
Stay sharp
@AresTrade
Expecting stop loss hunting for a few more days until big bids are wicked.
why 8.8k as resistance:
- 3D kijun sitting
- 1W tenkan
- 0.6 fib retrace has held in the past
why short:
- once liquidity is used up, trend pauses
- and once volume declines, retrace begins
- continual short squeezes end up with moderate consolidation before volatile flush
Plan: Have heavy bids set at the 8.6-8.9k region because once stops run at 8.6, there could be an expected wick through ob before reversal.
Add at 0.7 fib if it even gets there. SL at 10k. target at 4.7k. 45/15 RR.
Stay sharp
@AresTrade