Four-hour timeframe
After 17+ days of sheer bear strength price tapped into a demand level that held price, not only that we’ve been going higher, disrespecting supply indicating that the bulls are flaunting their horns. On Thursday, the bulls then took advantage of the news induced bear drive to discounted prices to buy the asset. The only thing holding the bulls up now is the supply zone that saw that massive sell off on Thursday. Should this be bulls stepping in, the extension of this trend will see a new high of 40238.3, for this we will have to wait and see.
Fifteen-minute timeframe
As always, if the news spikes, and it is not a true valuation of price, the market will return back to demand or supply that caused that move, they will then reclaim that level and flip it, in this case, supply will/should become demand. All the stops above the news candles were raided on the 15-minute timeframe.
Five-minute timeframe
Until I see some indication that the 15-minute timeframe is turning bearish, I will only look for long positions at discounted value on this timeframe.
Final Thoughts
The structure has turned bullish on the higher timeframe; the month is also ending so this may just be the start if a monthly flip (to bullish) or exhaustion from profit taking.