There are a lot of bullish metrics popping up - although the majority of this weeks movement is going to be dictated by the interest rates on Weds. Is it going to be 75 or is it going to be 100. Ultimately 75 would be deemed somewhat bullish. 100 will absolutely sink the market - 50 would send it potentially to the moon although that is EXTREMELY unlikely, so don't get your hopes up.
From a completely TA point of view there is quite a lot of the bullish sentiment gearing up for quite a big pump - this coupled with a high expectation of 82% 75 would suggest that a bullish close to the week is on the cards. Expecting a slight bearish close to the day leading into tomorrow with approx target of 18.7k where we could potentially see it hold and consolidate (most likely) and bounce from there to approx. $19.8 (The bottom of the weekly pivot) We are back below the 200EMA which has been a significant resistance although I do have a fair bit of conviction in the Inverse H/S.
Losing the support at 18.7k could see a bit of a free fall to 18.2k and depending on the bearish volume taking out the support and buys then on to 17.6k although I think this will indicate some potential inside information about the interest rates being leaked. There fore shorting would not be bad idea up on losing 18.7k.
TECHNICAL ANALYSIS:
BULLISH FACTORS:
+ TD8 formed on the daily + Strong daily candle rejection + Approaching bottom of descending wedge on the Weekly + On Macro trendline support on the Weekly + Unconfirmed Divergence on the Weekly Support + Contrarian Reversal on the Weekly + Bullish Divergence on the Daily + Very bullish weekly pivot at 19.8k to 20.5k + Loose bullish H/S pattern in play + Strong buy orders at 18.8k + ABCD Harmonic on the 5min + Entering Oversold on the 1hr + Currently holding the future pivot support + Descending broadening wedge
BEARISH FACTORS:
- Bearish Daily POC at 18.4k - Broken Local support at 19.2k - Bearish Divergence on the 5min - Trading under the key DEMA's