#Brent #Oil overview Let’s start reading in the first half of November. I plot the orange range lines from 06/high and 08/low 1- SLKT (Trap for breakout bulls) 2- SLKB (Trap for breakdown bears) Since that time we got a bullish rally. Let’ study its character. C > (A+B)/2 E > (C+D)/2 Well, market is demonstrating bullish behavior as rallies tend to resume after 50% pullback. That is why I plotted up-ward channel lines. I expect it will be valid in mid-term. Note also, price is settling above top range orange line. Rushi noted big zone of weakness on the background. It seems to me, bulls will produce an attempt to struggle through it.
really for 100 customers? Lord, really America is a country of idiots volumes, waves, channels, try astrology what would you know and not reinvent the wheel, this is called the channel
This morning I’ve marked in Telegram channel that: 1) We have the weakness above 7600 and 2) Potential Hidden strength here. Why this (2) bar could be interpreted as Strong? Because it has EXTRA_HIGH volume. When you see down-bar with higher-than-average volume - this is a sign of weakness, as it contains a Selling Pressure. But EXTRA-HIGH volume (2-5 times higher than average) - it is a mark of activity of professional money. What is important also - this bar penetrated the previous minor lows but rejected to develop further decline within next bars. 3) Instead of developing a decline we got this DB. It confirms the hidden strength within bar (2). 4) No Supply 5) Demand Bar. 6) NS wave. You see, market is telling you - I am feeling good (bullish). 7)This is a manipulated bar. Stop-Loss killing under 7450 level (minor low) before trying to overcome 7650 recent highs. 8) DB. 9)Price hit a major trend line. We should expect a stalling of the bullish pace. While price is holding above 7700 - we should interpret the current short-term #BTC chart from the bullish position.
In the previous overview about BTC, I wrote: We should expect a stalling of the bullish pace. While price is holding above 7700 - we should interpret current short-term #BTC chart from the bullish position. Here is what we got since that overview. Green line - is expected balancing. Low volume trading range slightly above 7700. Low activity could be interpreted as a lack of interest in the current level. Where the market is interested to step next? This bar gave an answer. Top tail represents the Trap for bulls who did believe in resuming the bullish trend. Also it triggered SLs of sellers above 7800 round number. But bar closed on the lows and produced tears for both parties - knocked out bears and trapped bulls. This bar is rational for establishing shorts. Weak bar Weak bar Weak bar Some strength is entering below 7300 SLKB diversion. Triggering SLs of bulls under 7200 and Trapping bears. Next bar up - and confirmation of strength. What is the most expected Scenario for me? SLKT above 7500 (top pink line) with further bearish attack toward 7200 support.
EURUSD A and B = these are mid-term range lines. This range was formed previously between 1.07 and 1.09. 1/ This is a Demand-Bar. Note the volume. It represents the effort of bulls to break out above the resistance line. 2/ Development of the bullish impulse. The resistance is near. This is C target line, it could be calculated as C= A+ (A-B) = 1.11 3/ Oh, Low Volume Zone, this is an Indecision moment. 4/ Opening on Tops, Long Tail Down. I suppose it was a Bearish activity that pressed price down. Next two bars - down, confirmation of the supply is entering. 5/ SLKT. Price produced fakeout above 1.111, attracted Breakout-bulls in Trap and Triggered SLs of Sellers above C line. This is a very bearish movement. Expect the decline from this moment as Chart plotted bearish sequence around 1.111 6/ Some support entered around old support 1.107 line A. Spike in volume could be interpreted as the minor Panic around line A. Some sort of bullish impulse could develop from here, but I don't believe in big bullish success with that clear weakness overhead.
On the first days of December, #BTCUSD found some balance between buyers and sellers. Price did found a temporary calm between 7450 and 7250 (bold black lines). But the market needs to make losers. That is why we got 2 fake moves. 1/ Probably all the bears who opened shorts on this red bar, were stopped out by… 2/ …this green wide pump. The buyers who opened longs on this up-bar, were stopped out on… 3/ …this wide red bar. Trading is a cruel business. When the market made enough losers from traders (the good job is done), it wanted to rest for a while. That is why we can see another entering into the same balance between 7450 and 7250. The main outlook is neutral. 4/ But this bar with long wide-tail and volume-spike (SLKT-style), it makes me a bit more bearish. Have a great weekend. Reply Report Edit Delete
#XTZUSD We have a nice triangle on the background. Previous price action reveals levels of support (1.15) and resistance (1.4). Fake Penetrations (1 and 2) confirm the validity of these levels. 3/ The First Bullish Impulse. Here we got a Demand-Bar breakout. Could it be expected or predicted? Not many odds from point of view. Market was balanced and non-active before breakout, and the better tactic then is to find fast-time frame opportunities to join upward-breakout. 4/ The minor balancing triangle around 1.4-1.45 (demand temporary meet supply in quantity and quality) provides such opportunities around its low border. 5/ The Second Bullish Impulse. Bullish Breakout above the minor triangle. 6/ The third Bullish Impulse. After three bullish impulses in a row, up-wave power should exhaust now. Add the Completed Target Level 1.65. So, we have to expect a pullback in 1-3 nearest days. Bulls can resume their pace, of course. In this case, they need some minor Shakeout (Artificial Panic, SLKT) in order to knock-out existing longs and 1.65 clear resistance.
Current day development on #BTCUSD market is looking like the yesterday movements. Yesterday, the price fluctuated between 7400 and 7300. But bears used the power of Big-Volume-SLKT-above-7600 and broke down through 7300 during the third attempt. Now, BTC is Fluctuating between 7300 and 7200. If we will see some sequence of Weakness (such as SLKT+ND+SB) like it was yesterday -> then the most expectable scenario should be a new bearish attack toward 7200 level.
We have a long-term balancing wedge. Let’s read the history of this wedge. Note. I 've multiplied prices at 100 1/ No_Suplly around 1.75 2/ Market responses strongly. Demand Wave after NS. 3/ Plot a line of Support from NS+DW sequence 4/ Major Sequence of Weakness. 5/ Testing the breakout level, intraday Panic. 6/ SLKT, and Fake breakout above the previous minor high. 7/ Panic + EVRB + NS+DWave (yellow arrow) and bouncing up 8/ Sequence of Weakness 9/The current wedge is a balancing zone. The volume goes down. It means that speculators move out of the market as they can’t see the potential for making money. Demand and Supply forces matched perfectly. All we have to do is to wait. Watch for Fake move, becuase traders will jump in positions quickly as they will see any break-bar - up or down.