So i've been charting for the last two days, and i've to a conclusion.
My take on the current market state is most like bullish. I am keeping to the 4hr chart with this analysis, and if i look at my market structure, the last low level/bullish key level the lady Nas was in, was at the $11770, - zone. Thats where we had a bullish order block, or lets say a buy zone. If i zoom out the chart more, i immediately realise that the market is in a current state of bullish pressure. The last high peak point that formed on the EMA i use, was at the $11800, - zone. After that we got an impuls downwards. Reaction to the $11770, - zone and now we are back in with the bullish pressure.
So if i draw my lines on a secondary screen, i see that we are in the last leg of a Double Bottom.
With that said, the next zone the price will hit most likely, is the $11580 and $11800 zone. I say this, because the market still needs to close that little gap, which was created. So we will most likely get a continuation of the bullish impuls until the $11580 zone, and a retest to the EMA, followed by a continuation to the $11800 zone.
Please do take note, the this is my take on the market, and if the bears come in, and respct the EMA, we will get a whole different outlook out of the market.
Until then, we will wait for the pre market to open, to see which way we will ultimately go.
We will have some news releases this week also, so this might likely create high volatility in the marketdynamics, but all i will do, is to wait patiently and capitalize op the trades to be taken.
Till then
Happy Trading📍
My take on the current market state is most like bullish. I am keeping to the 4hr chart with this analysis, and if i look at my market structure, the last low level/bullish key level the lady Nas was in, was at the $11770, - zone. Thats where we had a bullish order block, or lets say a buy zone. If i zoom out the chart more, i immediately realise that the market is in a current state of bullish pressure. The last high peak point that formed on the EMA i use, was at the $11800, - zone. After that we got an impuls downwards. Reaction to the $11770, - zone and now we are back in with the bullish pressure.
So if i draw my lines on a secondary screen, i see that we are in the last leg of a Double Bottom.
With that said, the next zone the price will hit most likely, is the $11580 and $11800 zone. I say this, because the market still needs to close that little gap, which was created. So we will most likely get a continuation of the bullish impuls until the $11580 zone, and a retest to the EMA, followed by a continuation to the $11800 zone.
Please do take note, the this is my take on the market, and if the bears come in, and respct the EMA, we will get a whole different outlook out of the market.
Until then, we will wait for the pre market to open, to see which way we will ultimately go.
We will have some news releases this week also, so this might likely create high volatility in the marketdynamics, but all i will do, is to wait patiently and capitalize op the trades to be taken.
Till then
Happy Trading📍
