lONG iDEA

23. Mai 2021

Price is a trend and from my view has been in a long period of consolidation, and price broke above the daily resistance (red), but I don't see a channel so much; however i can't ignore that it may be a trending channel. After the period of consolidation there appears to be a second but smaller period of consolidation within the daily zone. It indicates that struggle to identify the value of price has overall been identified as bullish momentum, enough to break above the daily zone. Although we are in a channel it appears that price is at the top of the channel with a double top. However I don't think price is identifying a double top so much, rather I think what we have is a break from the smaller consolidation zone and retest of value to determine if price has the potential to break "the channel". From the breakout we have a retracement of 50%. Pricen should be entering expansion after the zone break and then follow with it's trend. So in the 15 minute tf I'm waiting for an entry in the orange zone expecting that price will go no lower than that zone with some kind of bullish signal(tweezer bottom, long wick, double doji, etc)