Good morning, traders. While Kraken didn't register a bullish SFP at daily close yesterday (missed it by $6), the rest of the exchanges did. So we should consider Kraken an outlier. With an SFP printing yesterday, price should head higher, and so it has into today. However, volume remains lackluster at this time. There was a spike in volume right before yesterday's daily close.
The very local M15/M30 TR that price is currently consolidating at the top of should provide a target of around $9800. While price is struggling with Stoch RSI on the H1 and lower TFs, the H4 remains primed for a larger move up after RSI printed bullish divergence. On the H4, we can see price finding resistance at the H4 supply block just above the S1 pivot. In the bigger picture, price has actually found its way back into the larger TR. This failure of price to follow through to the downside, as I warned our Discord members, means that we should likely expect a bounce. However, until we see confirmation of a reversal, that's all it should be seen as for the time being. A solid push through the $9800 area should have traders looking for price to target the TR's EQ at $10000. The next step would be the EQ of the orange supply at the top of the TR at $10530. If we see expanding volume and candle spread as price hits that upper target, then we should expect price to likely continue higher toward the $11300-$11450 range at the R2 pivot/descending resistance.
Don't forget, the U.S. has a three day holiday weekend with many people taking off today as well. So we could see a drop in participatory volume which may lead to some strong movements this weekend. Trade safe and remember that the only thing you control in the market is how much you lose. Risk management is the single most important thing you will ever learn in trading.
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Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
The very local M15/M30 TR that price is currently consolidating at the top of should provide a target of around $9800. While price is struggling with Stoch RSI on the H1 and lower TFs, the H4 remains primed for a larger move up after RSI printed bullish divergence. On the H4, we can see price finding resistance at the H4 supply block just above the S1 pivot. In the bigger picture, price has actually found its way back into the larger TR. This failure of price to follow through to the downside, as I warned our Discord members, means that we should likely expect a bounce. However, until we see confirmation of a reversal, that's all it should be seen as for the time being. A solid push through the $9800 area should have traders looking for price to target the TR's EQ at $10000. The next step would be the EQ of the orange supply at the top of the TR at $10530. If we see expanding volume and candle spread as price hits that upper target, then we should expect price to likely continue higher toward the $11300-$11450 range at the R2 pivot/descending resistance.
Don't forget, the U.S. has a three day holiday weekend with many people taking off today as well. So we could see a drop in participatory volume which may lead to some strong movements this weekend. Trade safe and remember that the only thing you control in the market is how much you lose. Risk management is the single most important thing you will ever learn in trading.
_____________________________________________________________
Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
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