Wykoff Range
Apparently we found the formation of a Wyckoff acumulation range in this pair.
Perhaps the demand is bigger than it seems. A lot of volume just like it means a lot of panic of the offer, it means a lot of resistance. Demand tried to curb supply during the big downturn. Currently in the equality phase, we await the formation of the spring and its subsequent recovery that will confirm to us that demand is really absorbing all supply.
Possible long opportunity. If the range is confirmed by the shaking and its subsequent recovery, we will think long entries.
We would have a second confirmation with the break of the 50% level of the RSI as well as the break of the triangular pattern marked with the blue lines.
I will update the publication as the confirmations happen to place us long in the pair.
In addition, there are several important trend lines that should be analyzed at the time. For now we cannot take action since it is only an estimate of the price path. We will wait for confirmations. Stay tuned for the post for updates as I will be analyzing the important moments.
Perhaps the demand is bigger than it seems. A lot of volume just like it means a lot of panic of the offer, it means a lot of resistance. Demand tried to curb supply during the big downturn. Currently in the equality phase, we await the formation of the spring and its subsequent recovery that will confirm to us that demand is really absorbing all supply.
Possible long opportunity. If the range is confirmed by the shaking and its subsequent recovery, we will think long entries.
We would have a second confirmation with the break of the 50% level of the RSI as well as the break of the triangular pattern marked with the blue lines.
I will update the publication as the confirmations happen to place us long in the pair.
In addition, there are several important trend lines that should be analyzed at the time. For now we cannot take action since it is only an estimate of the price path. We will wait for confirmations. Stay tuned for the post for updates as I will be analyzing the important moments.
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