BTCUSD With a SOS Bar.
For Educational Purposes Only. This analysis is NOT an investment advice.
Classic TA on display with this pair with price action being congested as far as it's intermediate trend is concerned. Within this broader congestion zone ( boundaries marked with Red support and resistance lines) here comes a SOS Bar ( Sign of Strength Bar). A retest of the support with success and a bounce. Yes, a single bar where the commitment and control was taken over by the bull in the short term.Internal resistance line which may be seen as a creek Wyckoff method is shown with dashed Green line is also jumped over by the scout boy (price) with this same bar.
What did we get in the current session regardless of the close ? A higher peak within this trading range whereby the price action is now being controlled by the same bull in a further meaningful way in the next higher time frame. A change in bullish behaviour showing itself in the intermediate term now on hand.
There are other hurdles (resistance levels) within this congestion, but, the fact that we have just registered a higher peak is a further blow to the bear.
For a full blown out MAJOR BULL RUN see "level to beat for a bull run" resistance. In time, a test of that level is upcoming.
Analysis continues.....
Classic TA on display with this pair with price action being congested as far as it's intermediate trend is concerned. Within this broader congestion zone ( boundaries marked with Red support and resistance lines) here comes a SOS Bar ( Sign of Strength Bar). A retest of the support with success and a bounce. Yes, a single bar where the commitment and control was taken over by the bull in the short term.Internal resistance line which may be seen as a creek Wyckoff method is shown with dashed Green line is also jumped over by the scout boy (price) with this same bar.
What did we get in the current session regardless of the close ? A higher peak within this trading range whereby the price action is now being controlled by the same bull in a further meaningful way in the next higher time frame. A change in bullish behaviour showing itself in the intermediate term now on hand.
There are other hurdles (resistance levels) within this congestion, but, the fact that we have just registered a higher peak is a further blow to the bear.
For a full blown out MAJOR BULL RUN see "level to beat for a bull run" resistance. In time, a test of that level is upcoming.
Analysis continues.....
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