BTCUSD quick updateOleg Alexandrov
AB balancing wedge is narrowing. The NS+DB sequence did show that #BTC was not ready to break down B. But this scenario remains valid as we have
- Major zone of weakness above 9300 (from 21/Jun till 24/Sep)
- Big SB 24/Sep
- fake breakout (circled blue).
The recent up-bar with big volume looks like killing SLs above 8300. Note, we have minor SB on background. Many Sellers, who entered shorts on 15th/Oct, placed their SLs above 8300. Now they knocked out. If this interpretation true, we will see a building of a Shape of weakness (Red triangle) with a new attack on line B.
Be cautious, price is moving near the center of the wedge. This is why the market is vulnerable to send confusing signals.
Yes, You Can Become a Professional Chart Reader
To build success in any business, you should rely on things that really work.
In Chart Reading Method, they are three: The Law of Inequality, The Law of Supply & Demand, The Law of Effort & Result.
Download free books, to understand how can you apply the Laws and convert charts into profitable setups daily!
Enter your email to Download books
No spam is guaranteed.