patricktapper

Bull trap or wash and rinse trade on Bitcoin 3.36% this week. Look for short opps if price fails and drops from this resistance. There is no demand volume

Needs a solid close above the resistance line, otherwise its heading lower from the close on Friday

Now we can see diminishing supply (negative volume) and a breakout of the trendline on the 240 min. We will need a daily close above the resistance to be confident this rally will continue (with increased demand - positive volume)

Huge supply volume in this consolidation, with no demand. DIA is weak and another possible dump down to the 200MA and beyond is on the cards

Price is rallying nicely on this 4 hour chart. However, the is no demand volume, which is actually decreasing. Places to watch for reversals are marked on the chart.

VIX is looking weak. No demand volume in this rally. Watch the 56 level for a reversal (bull trap) to the downside, which is positive for the indices - ES, NQ, YM etc

Has to hold at this yearly pivot level. A close below means more downside potential. Its already trading below its 200SMA

Alternative scenario is that it heads lower earlier in the day and bounces at the marked fib target @ 254 approx

SPY is sitting at its 200 day MA. Based on volume, I would expect a small bounce higher tomorrow, up to the 38.2 fib level as a max. Fundamentals and technicals show the long uptrend is damaged - ie. expect more downside and choppy movement.

There is no great supply volume on yesterday's order flow. Price is sitting on the daily 100 MA. Might see a rally for a day or two

This level is possibly the high for today. Last leg up lacks volume and hit a major inflection point

The 15 Minutue chart shows an upward corrective structure - volatile and not smooth lines of movement. This doesn't bode well for a positive upside turnaround. I would still have a bearish bias on that basis

If you want to follow the footsteps in institutional traders on the short term looking at VWAP, volume and price action will give you a good clue

Sellers are looking tired @ 5813 area, which I expect to be breached. I don't doubt they will come back in to sell another decent rally. So I think there is more downside to go. That will also be driven by what happens to the DOW and I have not done any analysis on that today. If 5813 holds, I expect institutional traders will break that level to trip amateur ...

Here's the SPI on a four hour chart. Tricky bull trap and new high on no volume. Target is only a suggestion. Should be a LOT of selling on Monday

Interesting juncture. Could go either way. I am more biased towards the downside for a breakout

BULL TRAP - NO VOLUME

Correction/reversal coming soon. Bull trap breakout setting up from supply line a few years ago and cumulative volume has declined considerably.