After the local top at ~14k the sequential perfectly pegged the failed rally to a lower high of ~10k in February. A drive of 9 was completed, closing below TSDT Resistance, but momentum carried the price action through to directly test the TSDT Resistance - which held, and precipated a move low that actually closed below the TDSD Line generated by the Nov 2018 capitulation from 6k to 3k.
From this recent bottom, a TD 9 Sell Setup has been generated without a market closure over the TSDT Resistance Line. As with the first failed rally there is a possibility that momentum carries price action through to test the resistance (approx 9880), but there is a strong bias for that resistance holding.
Response: Wait for signals of follow through (or lack thereof) and enter into a short position with risk management based on the TSDT Resistance. Target would be approximately 6370, the absolute low of the most recent TD 9 Sell Setup
**NOT FINANCIAL ADVICE**
From this recent bottom, a TD 9 Sell Setup has been generated without a market closure over the TSDT Resistance Line. As with the first failed rally there is a possibility that momentum carries price action through to test the resistance (approx 9880), but there is a strong bias for that resistance holding.
Response: Wait for signals of follow through (or lack thereof) and enter into a short position with risk management based on the TSDT Resistance. Target would be approximately 6370, the absolute low of the most recent TD 9 Sell Setup
**NOT FINANCIAL ADVICE**
Trade active
1D TSDT Resistance comes in at 10535.I think it is possible some 1D HA candles close in this range meaning possible volatility into 11XXX.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.