This chart is a zoom in from my previous chart.
A few points to consider: EVERYONE seems on the fence from a retail standpoint at this level. Volume has sharply decreased since the bottom near $6K two days ago, and that means the Whales gobbled up the available supply and are holding for now. Session volume is decreasing as we approach $8k and we have a few things holding price down.
1. Evening Star formation (need to close this candle to confirm), likely to reverse direction if it closes down and confirms with second down candle from this point. Red down arrow confirms candlestick pattern, green one negates this and may upend all the points below.
2. Over head resistance of supply demand zone (Green band)
3. RSI overbought
4. Fib levels are untested above or below.
Good things going for us:
1. Short term upward trend is holding
2. We're closer to the bottom than we've ever been
3. Whales bought in very low $8k to $6K range on the way down
4. $6000-$7500 range is where the majortiy of buying volume happened in the last two days, so those positions may be defended should the price drop anymore.
**As always feedback is appreciated!
A few points to consider: EVERYONE seems on the fence from a retail standpoint at this level. Volume has sharply decreased since the bottom near $6K two days ago, and that means the Whales gobbled up the available supply and are holding for now. Session volume is decreasing as we approach $8k and we have a few things holding price down.
1. Evening Star formation (need to close this candle to confirm), likely to reverse direction if it closes down and confirms with second down candle from this point. Red down arrow confirms candlestick pattern, green one negates this and may upend all the points below.
2. Over head resistance of supply demand zone (Green band)
3. RSI overbought
4. Fib levels are untested above or below.
Good things going for us:
1. Short term upward trend is holding
2. We're closer to the bottom than we've ever been
3. Whales bought in very low $8k to $6K range on the way down
4. $6000-$7500 range is where the majortiy of buying volume happened in the last two days, so those positions may be defended should the price drop anymore.
**As always feedback is appreciated!