Last weeks high: $87,453.65
Last weeks low: $81,140.91
Midpoint: $84,297.28
Great weekly close for the bulls! A reclaim of the weekly high in the dying hours of the week is a huge win and has spurred on an early run for the weekly high.
The overall goal for this move should be $91,000 in my opinion, and a must not lose area is $86,000 or 0.75 line/ last weeks weekly high.
What happens at $91,000 is yet to be determined and I have an idea many will be tentative around that area. On the high time frames a reclaim of this level unlocks the capability to retest the highs from a TA standpoint as price re-enters the range bound environment. A rejection of that level would make a $73,000 retest a very real possibility.
In terms of altcoins we're seeing some strength returning with some strong gains but relative to their sell-offs it is a a drop in the ocean so far. Currently the market conditions are a traders dream but a long term investor/holders nightmare. No major news is planned to come this week so unless something drastic happens TA should be the driving factor this week.
Last weeks low: $81,140.91
Midpoint: $84,297.28
Great weekly close for the bulls! A reclaim of the weekly high in the dying hours of the week is a huge win and has spurred on an early run for the weekly high.
The overall goal for this move should be $91,000 in my opinion, and a must not lose area is $86,000 or 0.75 line/ last weeks weekly high.
What happens at $91,000 is yet to be determined and I have an idea many will be tentative around that area. On the high time frames a reclaim of this level unlocks the capability to retest the highs from a TA standpoint as price re-enters the range bound environment. A rejection of that level would make a $73,000 retest a very real possibility.
In terms of altcoins we're seeing some strength returning with some strong gains but relative to their sell-offs it is a a drop in the ocean so far. Currently the market conditions are a traders dream but a long term investor/holders nightmare. No major news is planned to come this week so unless something drastic happens TA should be the driving factor this week.
Note
Interesting PA so far this week, a break below $86,500 and the midpoint is the first point of support IMO, looks like the SPX has also stalled. Currently the 4H 200 EMA is at $87,200, still technically resistance until a convincing reclaim.
Note
2nd tap of the 0.75 line now with lower highs around the 4H 200 EMA, I would guess the market is shaking out a lot of traders at these levels that are trying to long or short off this moving average, it'll be death by one thousand cuts until we get a clear push in either direction. No trade for me thus far but a loss of 0.75 line with acceptance would be very bearish IMO.
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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.