Good Evening and I hope you are well.
comment: 1h 20ema is flat as your first girlfriend. Don’t over analyze this trading range. 50% of it is around 21560 and we are seeing bulls buying dips, taking the stairs while bears violently crash the elevator down in between. Will likely see a bigger impulse tomorrow or Monday. I have no bigger opinion on which side will get it.
current market cycle: trading range
key levels: 21300 – 21780
bull case: Bulls need to close the big gap to 21900 and maybe some points above to get all the stops and turn the market truly neutral again. For now bears are defending it well, which is bad for the bulls. Bulls have going for them that they are printing higher highs and higher lows and are trading above the daily 20ema but as long as the gap stays open, they are not doing enough.
Invalidation is below 21400.
bear case: Bears only argument is the open gap to 21900 but other than that, they are fumbling it again. If try get to 21450 or below tomorrow and fail again to print lower lows below 21350, odds favor the bulls to rally hard into the weekend.
Invalidation is above 21900.
short term: Neutral as can be. 21560 is my mid point for this and mean reversing was profitable the past 2 days.
medium-long term – Update from 2024-01-27: High’s are most likely in. Any short with stop 22200 is good. I’d like to see 20000 over the next 2-3 weeks.
current swing trade: None
trade of the day: Buying 21450 or selling above 21700 has been good the past 2 days. Do it until it clearly is not working anymore.,# Market Update: Current Cryptocurrency Trading Range Analysis
## Key Points to Note
– **Current Cycle:** The market is in a trading range, with key levels identified between 21300 and 21780.
– **Trading Observations:**
– The 1-hour 20 EMA is flat, indicating a consolidation phase, similar-to pre-defined market dynamics.
– Bulls are buying dips effectively, while bears exhibit more aggressive price declines.
– **Price Action Analysis:**
– **Bullish Scenario:**
– For a bullish turnaround, bulls need to close the gap to 21900, which is currently a significant resistance level.
– The necessary conditions include maintaining higher highs and higher lows above the daily 20 EMA.
– Invalidation levels for bullish positions are noted below 21400.
– **Bearish Scenario:**
– Bears face challenges in capitalizing on the open gap to 21900 and must avoid dropping below 21450 and 21350 to gain significant momentum.
– Invalidation levels for bearish positions are above 21900.
– **Short-Term Outlook:** The market remains neutral with 21560 as a crucial pivot point. Mean reversion strategies have proven effective over the last two days.
– **Long-Term Perspective:** Potential highs are likely in play, with suggestive retracement towards 20000 anticipated in the next 2-3 weeks.
– **Current Trading Strategy:** No active swing trades; however, a day trading strategy is in effect, focusing on buying at 21450 or selling above 21700, with a watchful eye for performance shifts.
## Conclusion
Navigating this current trading range reflects a need for patience as bulls tussle with bears for market control. Tomorrow might usher in a significant price move, whether up or down. However, confirming trends and respecting the identified levels will be key to trading success. My take? Given the flat EMA and the inability of either side to secure a decisive lead, traders should remain alert to forthcoming volatility while closely monitoring price action around the 21560 midpoint, as it could dictate the market’s direction heading into the weekend.
Disclaimer. The opinions expressed by our writers are their own and do not represent the views of JustInvestNews . The financial and market information provided on JustInvestNews is intended for informational purposes only. JustInvestNews is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Original article: https://www.tradingview.com/chart/MNQ1!/FCWzD5L7-2025-01-30-priceactiontds-daily-update-nasdaq/
