Haven't posted any analysis in a while, been focusing on scripts and honing in a few things.
With that said, figured I'd post a bit of mental masturbation before open in a few minutes.
Currently we're sitting at a major infliction point and a major liquidity zone on a macro timeframe.
We have the previous daily close right below Yearly VWAP at $2933, Yearly Fibonoacci Pivot Point (PP) at $2976, and a clear price shelf in which we had a massive breakdown once the $3000 mark was broken to the downside in late February/Early March.
We also have momentum oscillators postured to the upside, but in my opinion it appears that upside momentum is being lost.
There would need to be *significant* liquidity absorption to get price acceptance above the $3000 mark and beyond.
Because of this, and due to the large rally we've had leading up to this major area; I do believe we will see a bit of a selloff with a retest close to or at Fibonacci Pivot S1 which is around the high 2600/low 2700 area to pickup liquidity and build out or "repair" what is referred to as a "poor high" in Market Profile terms.
With that said, figured I'd post a bit of mental masturbation before open in a few minutes.
Currently we're sitting at a major infliction point and a major liquidity zone on a macro timeframe.
We have the previous daily close right below Yearly VWAP at $2933, Yearly Fibonoacci Pivot Point (PP) at $2976, and a clear price shelf in which we had a massive breakdown once the $3000 mark was broken to the downside in late February/Early March.
We also have momentum oscillators postured to the upside, but in my opinion it appears that upside momentum is being lost.
There would need to be *significant* liquidity absorption to get price acceptance above the $3000 mark and beyond.
Because of this, and due to the large rally we've had leading up to this major area; I do believe we will see a bit of a selloff with a retest close to or at Fibonacci Pivot S1 which is around the high 2600/low 2700 area to pickup liquidity and build out or "repair" what is referred to as a "poor high" in Market Profile terms.
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100+ points in profit from the original post. 💰
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150pts profit in 4 days on this short play