Today’s Analysis – LRCBTC – breaking back into weekly structure with the immediate target range high.
Points to consider, - Immediate trend bullish - Weekly S/R confluence (.618 Fibonacci) - Range high target - Oscillators diverging - Structural higher low
The immediate directional bias is bullish due to consecutive structural HH’s and HL’s. The weekly S/R is in technical confluence with the .618 Fibonacci, an S/R flip retest is likely to hold true.
Range high is the immediate target, breaking this level will continue the trend; higher weekly targets will be objectives.
Oscillators are both diverging, price established a higher low, and oscillators established a lower low, this is a technical hidden bullish divergence.
Overall, in my opinion, an S/R Flip retest of the weekly level will allow for a valid long with defined risk. Price is action is to be used upon discretion and management of the trade.
What are your thoughts?
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And remember,
“When you really believe that trading is simply a probability game, concepts like right or wrong or win or lose no longer have the same significance.” – Mark Douglas