Last 1000 USD drop was a typical wave C, price has stopped exactly on 200ma on 4h timeframe and also on biggest cluster of last few weeks. A drop to this strong support has leaded to immediate 500$ move back up right after the drop . Another try to break this level that has happened earlier today got the same result - immediate 400$ move back up. During that drop bulls have bought nearly 300 mln of contracts on Bitmex, accumulation is definitely going. Also my soft shows really big buys of whales/marketmakers, so those who are manipulating this market are definitely going to push price up!
Even though Im pretty sure this sideways in 9500 zone will lead into strong move up, still its of course too early to be sure for 100% and too early to open long. After such a strong drop market needs longer consolidation/accumulation and also weekends are coming so big moves are less likely to happen because of that as well. So simply wait until sunday evening and if accumulation keeps going well it would be the right moment to open long before asian session opens!
I will post new updates of this idea if anything important happens.
What are your thoughts on it? Lets discuss in comments!