Shakeout not over - still looking for redistribution to 7200
I've seen quite a few charts showing the 7600 tag as being the bottom of this impulse.
This does not yet look like accumulation to me because the recent minor low at 6 am found relatively high volume. This means the shakeout is likely to continue downward until it makes a low with small volume indicating all of the weak money has transferred their accounts to the strong hands.
Until volume dries up it makes more sense to expect the 1.618 extension at 7200 will be the final target region. This is also consistent with the bearish diamond reversal it made over night.
Overall this is not an area with good RRR yet because it is likely to go lower in the short term but not very far. It is only good for short term scalping of the congestion region. Once it makes an accumulation pattern at 7200 it will be INCREDIBLY good RRR and possibly the best buy zone of the year. It is very likely to never test 7200 again if the pre-halving bullishness can give it enough juice to power away and upward.
I have a BNB short scalp here which I am managing closely and not allowing it to take much profit back, but overall I am not looking to trade this area actively until it shows the strong hands have soaked up all the retail money.
This does not yet look like accumulation to me because the recent minor low at 6 am found relatively high volume. This means the shakeout is likely to continue downward until it makes a low with small volume indicating all of the weak money has transferred their accounts to the strong hands.
Until volume dries up it makes more sense to expect the 1.618 extension at 7200 will be the final target region. This is also consistent with the bearish diamond reversal it made over night.
Overall this is not an area with good RRR yet because it is likely to go lower in the short term but not very far. It is only good for short term scalping of the congestion region. Once it makes an accumulation pattern at 7200 it will be INCREDIBLY good RRR and possibly the best buy zone of the year. It is very likely to never test 7200 again if the pre-halving bullishness can give it enough juice to power away and upward.
I have a BNB short scalp here which I am managing closely and not allowing it to take much profit back, but overall I am not looking to trade this area actively until it shows the strong hands have soaked up all the retail money.
Comment:
The 30 minute opening range is quiet weak on BTC, no roaring response from the bulls so I have a bearish bias and looking to short, possibly on a break of the IB low.
Comment:
Well I had a really great short from inside the IB but it came back in the last hour of the NY session and tagged my break even. Oh well I hope this really is the start of the actual bull market.
