Head and Shoulders Play
Price Action is potentially forming a Failed Auction, testing the resistance at the HS Neck Line.
The numbers to the left represent Delta, positive being blue and green, and negative being red and purple. The white box represents the Value Area of the range, top being the Value Area High, and the bottom being Value Area Low. -Delta is high. Once PA enters and is accepted into a range, it is typical that it will move to the other side( For these 2 reasons I currently have a bearish bias.). In this case, its possible we see a move the the VAL as the next level of support, if lost, I would look to the Monthly Level below as the next levels of support.
Also note worthy IMO, its possible we could be range bound, trading between 27,474(Top) and 23,312(Bottom). If this is the case, I would expect to see a strong reaction at the range bottom, which happens to also be the target area for the HS pattern if valid, where I would consider a long position based info given at the time of reaction. If the desired reaction (Swing Failure Pattern/ Failed Auction/Etc.) does not happen, I will remain bearish.
Drink more water, exercise and trade responsibly!
Currently short from 26700.8 on
BTCUSD.PI
The numbers to the left represent Delta, positive being blue and green, and negative being red and purple. The white box represents the Value Area of the range, top being the Value Area High, and the bottom being Value Area Low. -Delta is high. Once PA enters and is accepted into a range, it is typical that it will move to the other side( For these 2 reasons I currently have a bearish bias.). In this case, its possible we see a move the the VAL as the next level of support, if lost, I would look to the Monthly Level below as the next levels of support.
Also note worthy IMO, its possible we could be range bound, trading between 27,474(Top) and 23,312(Bottom). If this is the case, I would expect to see a strong reaction at the range bottom, which happens to also be the target area for the HS pattern if valid, where I would consider a long position based info given at the time of reaction. If the desired reaction (Swing Failure Pattern/ Failed Auction/Etc.) does not happen, I will remain bearish.
Drink more water, exercise and trade responsibly!
Currently short from 26700.8 on
BTCUSD.PI
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