Good morning, traders. We saw decent movement yesterday follow by rejection at the $10000 level (supply zone as noted on this 4H chart). Price has retraced following that rejection and is potentially finding support in the larger daily grey demand block once more. The 4H RSI is resting previous resistance as support and I have added the next level of resistance that it needs to get through as well if we can see a bounce here. We can see that the previous swing low bounced off the 4H S1 pivot. Follow through to the topside would suggest bullishness with the pivot at $11180 on Bitmex being the target. A close above that pivot should have traders watching the R1 pivot at $12280, just below the TR resistance.
The M15 TF printed bullish divergence as price is completing a small descending wedge. That should have price targeting the M15 pivot around $9585. A close above that pivot has a price target of the R1 pivot at $1090 which should also have price attempting to get through the descending channel resistance. As mentioned yesterday, price closing above the descending channel resistance has price targeting ~$1500 above that exit point.
As always, the safest bet is to wait for price to close above the descending channel resistance before entering long. Supply volume continues to drop, especially notable on the 4H and higher TFs, suggesting that there is a lack of interest in selling at these levels -- that traders would rather hold onto their supply. Traders should remain cautious until price closes above that channel resistance.
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Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
The M15 TF printed bullish divergence as price is completing a small descending wedge. That should have price targeting the M15 pivot around $9585. A close above that pivot has a price target of the R1 pivot at $1090 which should also have price attempting to get through the descending channel resistance. As mentioned yesterday, price closing above the descending channel resistance has price targeting ~$1500 above that exit point.
As always, the safest bet is to wait for price to close above the descending channel resistance before entering long. Supply volume continues to drop, especially notable on the 4H and higher TFs, suggesting that there is a lack of interest in selling at these levels -- that traders would rather hold onto their supply. Traders should remain cautious until price closes above that channel resistance.
_____________________________________________________________
Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
