Good morning folks, I hope you’re well and that you had a gorgeous sunrise this A.M. as I did, fresh coffee, a pain au raisins and a sunrise makes for a nice start to the day 🙂
We’ve seen two daily closes above the descending trendline, as well as one candle that didn’t touch the zone so I’m now keen to take a long position on this set-up. We also happen to have a clear weekly stack so all in all, I’m happy. That being said, once we adjust the area of demand for the weekly stack it becomes rather a small zone
Dollar Swiss is worth mentioning, more so for Monday rather than today but since we’re seeing some downward pressure after a correction we may reach the area of demand quite quickly. This set-up also provides us with a larger zone since the weekly stack doesn’t require us to trim our area of interest.
I remain long on this trade as well as SOLUSD, both have their stops at breakeven and both are running a tidy little profit.
It’s worth mentioning it since SOLBTC is now at an area of potential reversal (the 50% of the range) you can see how often the price reacted at this level
I remain long on BNBUSD, the chart isn’t changed, yet we haven’t really broken out of the descending channel, but we remain above the lows so my bias hasn’t changed.
If the lows are broken my bias will be proved wrong, but I’ll be out of the trade 🙂
I’m keeping my eyes on this more “macro” picture of the crypto market, the set-up is rather interesting, we are in a clear zone, broke out of an ascending channel, retesting it, as well as having touched the 0.618FIB for the recent move lower
It appears we may get more BTC outperformance soon enough
That’s it for me today.
Enjoy your weekend