Good Evening and I hope you are well.
comment: Historic rally we are witnessing. This move is as unlikely, climactic and overdone as can be. Yet we only move higher. Can’t short this yet. Bulls in full control, don’t fight it.
current market cycle: trading range
key levels: 21000 - 24000
bull case: Bulls will likely go for 24000 over the next days. Since no bears are around, try to find any decent pullback to long until it stops working. I think bulls should keep this above the 1h 20ema or we might test down to the bigger trend line around 23000.
Invalidation is below 23300.
bear case: Bears need consecutive closes below the 1h 20ema. Simple as that. Then they can test the big bull trend line around 23000. Unless we get a huge news bomb bear surprise, this will most likely continue higher or at least the next bigger pullback gets bought. Bears are not making money at all, so don’t try to be the hero bear.
Invalidation is above 23550.
short term: Neutral. Will only long on a pullback to 15m or 1h 20ema and if market refuses to go down, as it did today with the 15m 20ema. I will become bearish below 23000 but only after market retested the highs and printed a credible top. A big bear news could change that but for now it’s unlikely.
medium-long term from 2024-03-16: Bear trend is over. My rough guess for now is that we will stay inside this trading range 19000 - 24000 for much longer or until economic data becomes the shitshow I expect it to become over the next months.
trade of the day: Buying near the 15m 20ema.
comment: Historic rally we are witnessing. This move is as unlikely, climactic and overdone as can be. Yet we only move higher. Can’t short this yet. Bulls in full control, don’t fight it.
current market cycle: trading range
key levels: 21000 - 24000
bull case: Bulls will likely go for 24000 over the next days. Since no bears are around, try to find any decent pullback to long until it stops working. I think bulls should keep this above the 1h 20ema or we might test down to the bigger trend line around 23000.
Invalidation is below 23300.
bear case: Bears need consecutive closes below the 1h 20ema. Simple as that. Then they can test the big bull trend line around 23000. Unless we get a huge news bomb bear surprise, this will most likely continue higher or at least the next bigger pullback gets bought. Bears are not making money at all, so don’t try to be the hero bear.
Invalidation is above 23550.
short term: Neutral. Will only long on a pullback to 15m or 1h 20ema and if market refuses to go down, as it did today with the 15m 20ema. I will become bearish below 23000 but only after market retested the highs and printed a credible top. A big bear news could change that but for now it’s unlikely.
medium-long term from 2024-03-16: Bear trend is over. My rough guess for now is that we will stay inside this trading range 19000 - 24000 for much longer or until economic data becomes the shitshow I expect it to become over the next months.
trade of the day: Buying near the 15m 20ema.
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Related publications
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.