XBTUSD 1H chart (7/12/2019)
As mentioned previously, we could be watching a large printing, of which this would be the B wave of the C wave of an ABCDE triangle. If so, then we should expect a reversal around that mid-$12K target. But, again, the hidden on the daily seems to suggest price will continue up. If so, then it's possible that the recent move up from the July 2nd swing low was a as I discussed a couple of days ago and price will continue heading up rather than print that .
Price on the 4H is currently finding resistance just under the 21 and above the top of the local TR . For those interested in the TD Sequential indicator, the swing low 4H candle was a TD 9. The 1H has price above its 21 but is running hot. But that is just a warning that price could potentially have a bit of a pullback, not a guarantee. Currently price is looking pretty as its drop back into the TR during the last candle was quickly met with demand resulting in a long lower wick off the 21 . If price happens to pullback, I would be looking for it to find support around $11500/$11550. Traders should be wary of supply at the $12090-$12200 level which, especially if price continues up from its current spot without a pullback, should likely result in a pullback toward this current price level.
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