I have been a student and trader of finacial markets from five years. I have a strong sense of price action. Trading psychology and Risk mangment is the key.
Price is moving upside towards its supply zone as LH leg, if price get rejects from marked supply zone then obviously downwards move will trigger in it, while in case of reclaim of marked supply zone will cause of more continuation move in it.
Price took support prior onto OB and show some upside momentum, more move towards marked supply zone is expected in it and then from supply zone retracement will trigger in it. $68,194 & $68,464 are selling range for BTC
ETH also **dropped** very well towards downside, now price is close to marked demand zone. Expecting a retest onto marked demand zone and then move towards upside will trigger from there.
Price has successfully moved in our bias direction as predicted in prior analysis, till now from range high, price has dumped +5% move so far!* â đŻ
Expecting more retracement in it onto marked demand zone level and then move towards from there can be expected towards upside.
Price structure looks bearish here, price continously making Lower low, Lower High . Expecting a retracement in it lower towards marked demand zone as a retest $64,400 & $63,500 are buying range for BTC
Same scenario here as in BTC, price has reclaimed marked trendline and resistance zone, and currently trading above that crucial level, continue to hold above it & buyer aggression here would lead price to pump well from here towards upside.
Bias is still same, on daily time frame, price is sitting above marked mid range support zone that is bullish scenario for BTC, if price successfully retest onto current marked demand zone then continuation move towards upside will trigger in it.
This week was a big week for traders anticipating a rate cut.
We saw jobs slowing materially (NFP revisions + unemployment rate hikes were key here), PCE and PPI inflation showing signs of cooling, and elections in the US, EU, and UK (as well as others). It's the year. However - CPI is coming, and will indeed cut rates, or push them back.
In my opinion, metallics look good in any situation right now...
If we see a drop in CPI, rate cuts will come soon and continued dollar selling will be strong for gold.
However, if we see the CPI tick up or defy the rest of the data...concerns about stagnation could resurface, good for gold too.
The market is smart, and it already knows that. I believe this is part of the reason why the price of gold has rallied so much in the past few days.