Hello people,
I'll keep it simple and clean because at the end of the day trading and charting is all about that, if you complicate it or overthink it your win rate will go down rapidly.
So what can we see here:
Looking at the weekly, as long as price is below our supply zone highlighted pale yellow, we will stay bearish and look for bearish setups on daily - H4 - H1
first target for the bearish scenario will be 6785
second target will be 3122 if and only if price breaks below 6785
and my last logical target for this asset is right around 1910 which I anticipate price will get there and the actual new bull run will be initiated right around that zone.
the last target which I don't think we will get there is 1000.
for the bullish scenario;
if price breaks above our supply zone:
first target will be 13800, a break of that level will expose 20k ATH
I personally favor the bearish scenario due to many other factors which I'm not discussing here since they have nothing to do with technical analysis.
GL
I'll keep it simple and clean because at the end of the day trading and charting is all about that, if you complicate it or overthink it your win rate will go down rapidly.
So what can we see here:
Looking at the weekly, as long as price is below our supply zone highlighted pale yellow, we will stay bearish and look for bearish setups on daily - H4 - H1
first target for the bearish scenario will be 6785
second target will be 3122 if and only if price breaks below 6785
and my last logical target for this asset is right around 1910 which I anticipate price will get there and the actual new bull run will be initiated right around that zone.
the last target which I don't think we will get there is 1000.
for the bullish scenario;
if price breaks above our supply zone:
first target will be 13800, a break of that level will expose 20k ATH
I personally favor the bearish scenario due to many other factors which I'm not discussing here since they have nothing to do with technical analysis.
GL