Let see the following 2 major down trend:
1. FTX down trend line:
Major Traders clean their Long Position before Last Year X'mas and New Year Holiday from 14th to 16th Dec, 2022. It keeps a small range trade for half month. If we draw a trend line from FTX event, a down trend dot line(FTX down trend line).
2. Last year downtrend channel:
If draw last year high, and lower high, then a downtrend channel see chart could be seen below.
Half month small range trading development Both FTX down trend line and last year downtrend channel seems forming a Falling Wedge pattern, and these 2 downtrend pressue seems to be breaked up. Let's see after new year holiday, and major traders come back to desk and observe the development to check if this breakup a fake or not.
Possible next development scenario:
Scenario A: direct break up 1220 to 1230 presseure with volume.
Scenario B: a sudden big volume to backtest FTX Pressue down trend line or even test low to last year down trend channel to see it they become strong support(1070 to 1160 zone)
Bias Preferable Scenario B.
*Personal record only, not financial advice. Trading is always in risk.
1. FTX down trend line:
Major Traders clean their Long Position before Last Year X'mas and New Year Holiday from 14th to 16th Dec, 2022. It keeps a small range trade for half month. If we draw a trend line from FTX event, a down trend dot line(FTX down trend line).
2. Last year downtrend channel:
If draw last year high, and lower high, then a downtrend channel see chart could be seen below.
Half month small range trading development Both FTX down trend line and last year downtrend channel seems forming a Falling Wedge pattern, and these 2 downtrend pressue seems to be breaked up. Let's see after new year holiday, and major traders come back to desk and observe the development to check if this breakup a fake or not.
Possible next development scenario:
Scenario A: direct break up 1220 to 1230 presseure with volume.
Scenario B: a sudden big volume to backtest FTX Pressue down trend line or even test low to last year down trend channel to see it they become strong support(1070 to 1160 zone)
Bias Preferable Scenario B.
*Personal record only, not financial advice. Trading is always in risk.
