Apologies for lack of updates on this the last couple of days. Partly because with all the wicks and manipulation it was hard to judge what it may do!
We were holding the range betweem 9390 and 9530.
Yesterday we broke up from the range with a big wick to my next level at 9890, but ultimately couldn't hold over 9610 which is a critical level for breaking market structure.
On the bulls' side, we then rebounded with a small IHS taking back the 9530 level as support, and are currently having another go at holding 9610 and the next level at 9660.
The wick already took out stops above so I would hope any upward move would be slower and more organic now. There is a possible ascending triangle in play.
On the bear side, volume is still very low and this current move could still simply be a B wave from yesterday's move from 9400, meaning a C wave is coming at least back to the lower range.
Critical to watch now are the next few hours and whether we can continue to hold trend and 9610.
Any break here will likely see us challenging the lows.
We were holding the range betweem 9390 and 9530.
Yesterday we broke up from the range with a big wick to my next level at 9890, but ultimately couldn't hold over 9610 which is a critical level for breaking market structure.
On the bulls' side, we then rebounded with a small IHS taking back the 9530 level as support, and are currently having another go at holding 9610 and the next level at 9660.
The wick already took out stops above so I would hope any upward move would be slower and more organic now. There is a possible ascending triangle in play.
On the bear side, volume is still very low and this current move could still simply be a B wave from yesterday's move from 9400, meaning a C wave is coming at least back to the lower range.
Critical to watch now are the next few hours and whether we can continue to hold trend and 9610.
Any break here will likely see us challenging the lows.
Come say hi @elisa_crypto on twitter!
