Good morning @everyone
Just scraping in for a morning update, during yesterdays update we we're looking at this level of Supply that has formed at this 11800 level. Just as I was yesterday I'm looking for some confirmation on our direction.
BTC has been hanging around this level for a short while now and I'm sure we're all getting a little impatient as to which way it's going to run. Let's break it down a little bit, our high at the moment stands at around 12k with the wick just a touch higher, we NEED to make some structure above this to confirm our movements towards our 12250 Daily Supply.
Now when we're looking at S&D exclusively we need to take into account which levels are of higher quality, this level we're at is too large for my liking, so I have Zoomed into the 1H to modify its size (for those reading on TradingView you can compare the Zone to yesterdays size). When we're talking about high quality Zones, the ones that are formed on the 1D are always going to take priority, whether or not that holds true in this instance is going to fall on this PA.
This slight size reduction gives us a little bit of a clearer outlook on what the PA is actually doing. I know it's a waiting game but that's what swing trading on the high TF is, waiting for confirmation in this instance is key. Steamroller our in house indicator has been wildly accurate in calling the tops especially on the 1D so I always look there for some confluence.
Have a great day, stay safe.
Just scraping in for a morning update, during yesterdays update we we're looking at this level of Supply that has formed at this 11800 level. Just as I was yesterday I'm looking for some confirmation on our direction.
BTC has been hanging around this level for a short while now and I'm sure we're all getting a little impatient as to which way it's going to run. Let's break it down a little bit, our high at the moment stands at around 12k with the wick just a touch higher, we NEED to make some structure above this to confirm our movements towards our 12250 Daily Supply.
Now when we're looking at S&D exclusively we need to take into account which levels are of higher quality, this level we're at is too large for my liking, so I have Zoomed into the 1H to modify its size (for those reading on TradingView you can compare the Zone to yesterdays size). When we're talking about high quality Zones, the ones that are formed on the 1D are always going to take priority, whether or not that holds true in this instance is going to fall on this PA.
This slight size reduction gives us a little bit of a clearer outlook on what the PA is actually doing. I know it's a waiting game but that's what swing trading on the high TF is, waiting for confirmation in this instance is key. Steamroller our in house indicator has been wildly accurate in calling the tops especially on the 1D so I always look there for some confluence.
Have a great day, stay safe.