Hey guys.
As usual on Monday we are doing the weekly review.
Last time we discussed that there is a risk of correction before continuing the growth and I highlighted the potential correction zone of 85K and the cancel scenario when breaking 94K. But the downside scenario was canceled and in the mid-week updates I wrote that I open long on consolidation above 92K without waiting for bearish candles to engulf above 94K, in general this idea was realized and managed to take away the upside movement.
Local support is set at 94-95K which can be tested, its breakdown will also be a breakdown of the uptrend and can bring the price to the 90K zone.
Now the price is pushing up to 100K, and it is quite possible to expect a throw somewhere in the 103-105K zone. This may be before the correction, but we may see some weakness and sideways behavior first. Cancel this scenario if the price goes below 90K.
Important zones saturated with liquidations are 103K and 92K.
I don't see any good trading set-up at the moment and the trading zone is bad.
Macro stats for the US economy that may cause volatility this week.
11/27 - unemployment and GDP data.
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Stay tuned.
