BTC Bearish engulfing and divergence.
Friday close imo is the most important close of the week along with the Monday open.
Why is this a case Friday lines up with big picture ideas that form market structure such as.
-major support/resistance
-key weekly close pivot points
-risk off limit over night/weekend exposure
-weekly rebalance
CME trade a 5 day chart as opposed the BTC 24/7 trading on the open market, traders that trade on CME futures traditionally have higher technical trading knowledge and greater funded accounts than retail.
I have notice bearish divergence on the POC from binance opposed to CME charts this could be due to 24/7 trading on binance and their wash trading algo's and as the overall trend is still positive trading over the weekend and into Monday open I see the above as bearish momentum and I'll be going against the trend until the POC is reclaimed.
trade in validation 31200, this is a key area to go long for new high's break outs
target 27900 as this is a key value area
Why is this a case Friday lines up with big picture ideas that form market structure such as.
-major support/resistance
-key weekly close pivot points
-risk off limit over night/weekend exposure
-weekly rebalance
CME trade a 5 day chart as opposed the BTC 24/7 trading on the open market, traders that trade on CME futures traditionally have higher technical trading knowledge and greater funded accounts than retail.
I have notice bearish divergence on the POC from binance opposed to CME charts this could be due to 24/7 trading on binance and their wash trading algo's and as the overall trend is still positive trading over the weekend and into Monday open I see the above as bearish momentum and I'll be going against the trend until the POC is reclaimed.
trade in validation 31200, this is a key area to go long for new high's break outs
target 27900 as this is a key value area
Comment:
Target hit,
lessons learnt CME chart structure once again had less noise and POC of 27900 was taken out with strong conviction, also the range had thin volume on market profile.
Prior the the break down the range did two months worth of stop hunting creating a neutral overall sentiment.
lessons learnt CME chart structure once again had less noise and POC of 27900 was taken out with strong conviction, also the range had thin volume on market profile.
Prior the the break down the range did two months worth of stop hunting creating a neutral overall sentiment.
Refer to previous post regarding stage 3 decline for take profit targets.