Price is testing a key resistance area where sellers continue to defend the current range. Momentum is weakening on lower timeframes, while recent price action suggests increasing profit-taking pressure near resistance. A rejection from the entry level could attract additional selling pressure and trigger a continuation move toward the outlined support levels. As long as $0.02170 holds, bearish continuation remains the higher-probability path.
$NASDAQ $NDAQ.US In the last update we discussed abbout the breakdown in NASDAQ and how the chart is very much ready to tap the 26000 point support.
We are still on that path, and right now the chart is showing us the retest.
It is an unusually big leap of a retest especially after coming down half way to the targets, but technically, it still is a retest.
So here's the plan. Hold the retest and drop down, bleeding to the lows of the marked targets. or flip above the 29000 point resistance and hold that for a new strucutre.
In my opinion, we will reach the 26000 points target but not that easily. It will stutter and diverge from the straight path a little before reaching the targets.
$BTC Another day right at the Weekly 200MA. We have not seen much action on Bitcoin lately while tech stocks have mostly been selling off in recent weeks.
All in all, not much to say until we see a decisive move above or below any of these high timeframe weekly levels.
The pullback is approaching a key support zone while the higher-timeframe trend remains bullish. I'm watching for buyers to defend this area before continuation.
Whale positioning on $BLESS still looks bullish. Traders are holding much larger long positions than short positions. Whales are showing the same trend, with most of their money on the long side.
Around 88% of whale long positions are in profit, while only 26% of whale shorts are profitable. Retail traders are also seeing the same pattern. More than 92% of long positions are in profit, while only 19% of shorts are making money.