Good afternoon @everyone
Taking a glance at BTC this afternoon, I wanted to wait until now to do our update just to let the dust settle down a bit before I can say what I think about last night & yesterday’s developments. After we held that Demand Zone at the 11250 level, I was interested to see if we'd continue back up. Some of the lower timeframes, the 1H specifically were looking like they needed a bit of a recovery, our in house Steamroller indicator giving us a signal that we'd be potentially held up at that Demand Zone, at least for a little while, then confirming we'd see some recovery movements into the following days.
That being said, I was originally looking at the 50 Fibonacci retracement as the initial movement, because there is corresponding liquidity just to the left of that price point, which we initially had to begin with & resulted in that flash dump back to Demand for a swift retest.
Waking up this morning to a further move to the upside held my interest a bit, because this shouldn't be held as the "bullish confirmation", right now, the TA and Price Action is still pointing to this point being a LH (Lower High) in comparison to the Double Top event we saw on the 2nd & 10th of August. Realistically, I'd like to see BTC touch and break through this short term Supply I've drawn in at 11900 - 12000 before saying that we're on our way back to the Daily Zone at around 12300.
If we don't do that, there is nothing to tell me, at least in the short term that we are making ground & heading up to that 1D Supply Zone. In which, I'd be looking for a further test of the Zone we touched yesterday @ 11250.
I'm looking at this play by play & calling it as the TA shows it.
Have a great afternoon & weekend, stay safe!
Taking a glance at BTC this afternoon, I wanted to wait until now to do our update just to let the dust settle down a bit before I can say what I think about last night & yesterday’s developments. After we held that Demand Zone at the 11250 level, I was interested to see if we'd continue back up. Some of the lower timeframes, the 1H specifically were looking like they needed a bit of a recovery, our in house Steamroller indicator giving us a signal that we'd be potentially held up at that Demand Zone, at least for a little while, then confirming we'd see some recovery movements into the following days.
That being said, I was originally looking at the 50 Fibonacci retracement as the initial movement, because there is corresponding liquidity just to the left of that price point, which we initially had to begin with & resulted in that flash dump back to Demand for a swift retest.
Waking up this morning to a further move to the upside held my interest a bit, because this shouldn't be held as the "bullish confirmation", right now, the TA and Price Action is still pointing to this point being a LH (Lower High) in comparison to the Double Top event we saw on the 2nd & 10th of August. Realistically, I'd like to see BTC touch and break through this short term Supply I've drawn in at 11900 - 12000 before saying that we're on our way back to the Daily Zone at around 12300.
If we don't do that, there is nothing to tell me, at least in the short term that we are making ground & heading up to that 1D Supply Zone. In which, I'd be looking for a further test of the Zone we touched yesterday @ 11250.
I'm looking at this play by play & calling it as the TA shows it.
Have a great afternoon & weekend, stay safe!