Gold has failed to break intermediate term highs, it is also failing to consolidate above the important $1800 level, this is showing bearish market structure. In the short term I predict gold to go higher (only if the DXY is weak); then break the downwards (retail trendlines) trend to grab liquidity from higher bearish orderblocks and imbalances and potentially...
As shown; price has been creating lower highs (LH) and has broken bullish structure twice. Price will potentially rally higher to be rejected by the 1800 price where there are a large amount of institutional selling pressure located in the orderblock above (OB), the first OB has already been tapped however it is likely there will be a test again and reach a higher...
Currently BTC is in a bullmarket, so longs will be the most likely to have success, however BTC is at risk of going lower and potentially entering a bearmarket once prices have hit a new all time high (or even the current all time high). Price will potentially enter the 5 minute orderblock drawn on the chart. I have a tight stop loss because if prices goes beneath...
Aiming for price to tap the top of the Orderblock (OB), price has been showing higher Lows. This is just a simple scalp following the trend. Trying to get a few percent profit even if price does not reach Take profit and ends up going lower through the equal lows.
Price had broken down into an orderblock, so I decided to place a pending order at 1786, then price went straight up into to the the previous OB and new IB. Stop loss was not hit and had a few pips to spare.
