Hey all! Just wanted to share an interesting chart with you all because it seems good for studying multiple concepts.
As you can see, there was a massive price expansion in July 2022. This created a strong buying imbalance. The price then underwent a correction in a descending channel, thereby reaching the demand zone for a test.
It strongly bounced off the demand zone ultimately leading to a shift in market structure. After the initial pump, there was a small period of consolidation (Pennant) which lead to another leg of expansion.
The price then again went into consolidation in June. This consolidation now seems to be over and the price is likely to expand to the upside.
Disclaimer: This is NOT investment advice. This post is meant for learning purposes only. Invest your capital at your own risk.
As you can see, there was a massive price expansion in July 2022. This created a strong buying imbalance. The price then underwent a correction in a descending channel, thereby reaching the demand zone for a test.
It strongly bounced off the demand zone ultimately leading to a shift in market structure. After the initial pump, there was a small period of consolidation (Pennant) which lead to another leg of expansion.
The price then again went into consolidation in June. This consolidation now seems to be over and the price is likely to expand to the upside.
Disclaimer: This is NOT investment advice. This post is meant for learning purposes only. Invest your capital at your own risk.
Rajat Kumar Singh,
B.Tech (Delhi Technological University)
Global Community Manager, TradingView
✅ Telegram: t.me/johntradingwick
✅ Blog: tradingwick.in/
✅ Rounding Top pattern: tradingwick.in/chart-patterns/rounding-top
B.Tech (Delhi Technological University)
Global Community Manager, TradingView
✅ Telegram: t.me/johntradingwick
✅ Blog: tradingwick.in/
✅ Rounding Top pattern: tradingwick.in/chart-patterns/rounding-top
