Hello everyone,
I had high hopes for a breakout yesterday towards 41k-43k, because of multiple bullish reasons, but the volume is simply lacking.. probably resulting in the current rejection.
It is a bit of a shame, because this rejection paves the way open to a quick road towards 34k again (or even 30k). Many people are waiting to do buys around this 30k level and if we do not break out on the 38.5-39k retest that might come today, we will probably see more bearish days the coming days. If bulls don't grasp this chance at the current level, it might take a while again before another reversal opportunity arises.
I keep my SL (around 36k), my loss would be around 10% on the long I am doing (38500-36000). If we do manage to breakout, that is where the real TP's are: 43 to 47k with a possible leg to 50-55k.
R:R is good, and I have fate in the fact that we could see one more retest of 40k. Especially since it works like a magnet and is untested so far.
Know that there is a CME gap at 41k too.
GL traders
I had high hopes for a breakout yesterday towards 41k-43k, because of multiple bullish reasons, but the volume is simply lacking.. probably resulting in the current rejection.
It is a bit of a shame, because this rejection paves the way open to a quick road towards 34k again (or even 30k). Many people are waiting to do buys around this 30k level and if we do not break out on the 38.5-39k retest that might come today, we will probably see more bearish days the coming days. If bulls don't grasp this chance at the current level, it might take a while again before another reversal opportunity arises.
I keep my SL (around 36k), my loss would be around 10% on the long I am doing (38500-36000). If we do manage to breakout, that is where the real TP's are: 43 to 47k with a possible leg to 50-55k.
R:R is good, and I have fate in the fact that we could see one more retest of 40k. Especially since it works like a magnet and is untested so far.
Know that there is a CME gap at 41k too.
GL traders
Uwaga
Oh I forgot to mention that the orange circle was such a nice run with dragonfly doji's, that this retest looked stronger.
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