Price rejecting after Friday's blow-out.
Flow wise it's not that sellers stepped in, more like the one or few buyers that were buying with no regard for price, finally stopped buying. Price is mean reverting here, looking for balance again.
Notice how H4 trend stopped supporting price, and now became resistance over the weekend, after which price flushed for the first time.
A correction to mid-high 80s would be very healthy and the best case scenario for bulls imo. Reset momentum and positioning a bit while making a higher low.
If we yearly open and local lows hold here, we can look for a short setup.
Also note that the highs are pretty bad, a push into +95k might trigger a lot of short stops and give us a quick move above the highs. Be careful with getting or staying bullish there, unless price is slow grinding up above the high, it is very likely just a fake-out.
Flow wise it's not that sellers stepped in, more like the one or few buyers that were buying with no regard for price, finally stopped buying. Price is mean reverting here, looking for balance again.
Notice how H4 trend stopped supporting price, and now became resistance over the weekend, after which price flushed for the first time.
A correction to mid-high 80s would be very healthy and the best case scenario for bulls imo. Reset momentum and positioning a bit while making a higher low.
If we yearly open and local lows hold here, we can look for a short setup.
Also note that the highs are pretty bad, a push into +95k might trigger a lot of short stops and give us a quick move above the highs. Be careful with getting or staying bullish there, unless price is slow grinding up above the high, it is very likely just a fake-out.
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Tealstreet.io Trade Faster & Trade Easier
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.