COTIBTC Market Structure|Structural Resistance|21 MA| VolumeEvening Traders,
Today’s Analysis – COTIBTC – impulse move into structural resistance – multiple daily candle closes will reclaim the level.
Points to consider,
- Structural higher lows
- 21 MA Support
- Structural resistance (S/R flip)
- Oscillators neutral
- Volume influx (follow through)
- Daily resistance target
COTIBTC’s structure is putting in consecutive higher lows, now testing key structural resistance. Confirming multiple daily closes will reclaim the level and establish an S/R flip.
The 21 MA is a visual guide, breaking below will increase the probability of negating market structure.
The oscillators are both neutral trading above 50, this in an indication of immediate strength in the market.
A volume influx node is evident at key structure, follow through is needed, failure will lead to a probable false break.
The daily resistance is the immediate target for this long trade, risk is defined below structural resistance.
Overall, in my opinion, COTIBTC needs to close multiple daily candles above structural resistance to solidify an S/R flip. The immediate target is daily resistance; breaking below structure will negate this trade.
What are your thoughts?
Thank you for following my work!
And remember,
“Letting losses run is the most serious mistake made by most investors.” – William O’Neil
