Further to my previous Wyckoff bias from the daily, now seeing the trading range develop on the 4H, Phase C shakeout may have been concluded and I'm now looking for price to jump the creek (yellow), break the descending trend line. And put in an SOS above the range, with a retest before targeting the .33 Fib level from the cup and handle formation.
Commento:
LPS looks like a good POE (point of entry) with price rising on reducing supply, should make a move to the upside fairly soon.
Commento:
Developing well, nice impulse wave and SOS bar on the diminishing supply, now we need to see a commitment to the upside with a continued SOS rally above the range which will be your next POE.
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Now at range high, put in a nice shakeout candle with a pull back on BTC. I expect some shorts to be put on here but I'm looking for a SOS rally to break the range, liquidate those shorts and a backup into support for another POE.
Commento:
I don't think we've seen the SOS rally yet, 21st looks like it was just an UT so I'm watching for distinct and sustained SOS rally above the range and maybe a backup to the 0.25 support. Best to wait for the backing up POE for RR. And 5 Day close today also looks very bullish.