Check notes on the chart.
1) Bearish Rising Wedge
2) Descending Triangle
3) Ascending Triangle
Expansion Creating CME Gap, aka Futures Liquidity Gap. (These almost always get backfilled.)
4) Current Pattern, Bullish Ascending Channel.
We had a fake out to flush the longs, and create liquidity, and to backfill the CME Gap.
All other narratives are fun stories.
We have since course corrected violently, failing to break out of the previous range, creating a Swing-Failure , which is locally bearish. This likely retraces to 23k, before a continuation higher to fill the next CME gap around $27,355 and $28,740 .. of course some profit taking, or other exogenous events such as the indexes falling could correlate with some pull backs, but ultimately I'm expecting 35k to fill this year.
Strong resistance there, likely to struggle to get above.
If it does, the next gaps that could be liquidity grabs are
$45,000-$46,500
$52,500-$53,500
I don't believe we see a new ATH this year or next. 2025 is my target for ATH, which I believe we be a minimum of 130k and a max of 180k. I will scale out of positions between those two prices.
1) Bearish Rising Wedge
2) Descending Triangle
3) Ascending Triangle
Expansion Creating CME Gap, aka Futures Liquidity Gap. (These almost always get backfilled.)
4) Current Pattern, Bullish Ascending Channel.
We had a fake out to flush the longs, and create liquidity, and to backfill the CME Gap.
All other narratives are fun stories.
We have since course corrected violently, failing to break out of the previous range, creating a Swing-Failure , which is locally bearish. This likely retraces to 23k, before a continuation higher to fill the next CME gap around $27,355 and $28,740 .. of course some profit taking, or other exogenous events such as the indexes falling could correlate with some pull backs, but ultimately I'm expecting 35k to fill this year.
Strong resistance there, likely to struggle to get above.
If it does, the next gaps that could be liquidity grabs are
$45,000-$46,500
$52,500-$53,500
I don't believe we see a new ATH this year or next. 2025 is my target for ATH, which I believe we be a minimum of 130k and a max of 180k. I will scale out of positions between those two prices.
Order cancelled:
Market didn't pull back as deep as I had expected, it just went full send into the next CME gap area. Expecting at least 35k to play out quite son
Comment:
FWIW I wasn't actively shorting this, I'm holding spot. Doesn't make sense from a R&R perspective. This was more of a if it pulls back and you have funds to deploy, good area to add would've been the 618 fib. Looks like a 382 retracement approximately is all we got from that SFP.
*Not Financial Advice*
*Only Risk What You Can Afford To Lose*
*Just Ideas, Not Investment Advice*
*Trade At Your Own Risk*
*Only Risk What You Can Afford To Lose*
*Just Ideas, Not Investment Advice*
*Trade At Your Own Risk*
