Our bearish scenario seemed to have been playing out as we saw a daily close below our green demand zone . As i was expecting further downside, instead, we saw some reversal back above our green zone and were actually able to get a daily close above our key D1 Demand (purple), rejected off our H12 supply and began a nice rally back above it after retesting our purple D1 zone that followed a nasty sell-off that send us back below it.
Closing on HTF above our H12 supply is our next hurdle we need to conquer before getting too excited. RSI on the daily and h4 are back above the midline and things are looking decent.
If our purple D1 is lost once again and closes below on HTF, chances are our bearish scenario to head down to sweep the $27.7k low is still in play and will be looking to add 50% more to our position there.
I've mapped out our gameplan for adding onto our current position in the chart.
Closing on HTF above our H12 supply is our next hurdle we need to conquer before getting too excited. RSI on the daily and h4 are back above the midline and things are looking decent.
If our purple D1 is lost once again and closes below on HTF, chances are our bearish scenario to head down to sweep the $27.7k low is still in play and will be looking to add 50% more to our position there.
I've mapped out our gameplan for adding onto our current position in the chart.