With prices entering Monthly Demand, no shorts are allowed. Instead, long trades can be taken should there be a loss in momentum on the daily time frame. That said, a loss of momentum has occurred and an opposing supply removed. This allows for a long confirmation trade to be taken.
Closed all of my crypto trades (BTC, ETH, BCH, LTC and DASH).
All are setting up similar to the bitcoin chart, at this point all cryptos are so highly correlated, just going to wait this out.
Downtrends and new supply zones on D1, bearish engulfs on WK, nothing real strong looking on the WK either.
My plan is to:
1. Wait for price to reach recent WK imbalance, ...
Previous long trade on this pair has been closed out at breakeven as prices did not confirm my view of the market.
With prices held by the daily demand, more stops have been added to the low of prices the past week. As such, potential stop hunting by institutions might occur and a daily demand below current prices have been identified for longs to be taken.
Just a feeling dudes, I'm nevv to this.
Edit: thanks for my very first like on my very first idea, BethZu!
I'll add comments about the forecast later, ofc it isn't just a feeling.
"Me Dancing Again"