As discussed in theprevious post, the market is starting to look bullish on the intraday structures
Crypto had a great week last week. We had The B Word event that gathered attention and hope was finally printed in price action.
As mentioned before, price was in a downward compressing channel which I had said would stop around $1800 and I exclusively added in the previous post about a >possible terminal shakeout
We had theterminal shakeout as discussed. Price did extend towards the lower bounds of the grey zone I had marked ($1800), then proceeded to shakeout weak hands. We see a sharp reversal promptly after price shook out weak hands which resulted in the ultimate reversal that broke the upper resistance line of the downward compression channel.
Just as we thought we had enough confirmation of demand dominance, we were given a reaccumulation (absorption) right as price was approaching the $2000 mark.
The absorption is to show that buyers are now consuming any selling happening in the market. With real demand commitment behind price results in a strong defined trend, the bear market is very close to if not already over.
Current unrealized gains float around $13958.85. I should add that during last week's shakeout, my stop losses(https://imgur.com/a/JPrwpRO) were triggered for other positions at -$1712.59. Although it was more than that as you can see from the images, I just closed some of my positions to lessen the realized losses.
The next trouble areas look like(https://imgur.com/a/pTEeG2h) $2800 ($44000 for Bitcoin). Otherwise now we switch to overview monitoring and allow price to breathe until something opposing our hypothesis comes up.
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