Grand Rising Traders,
7:30 am Tuesday, June 4, 2024
The directional resolution we've been anticipating is taking shape just as mapped out in yesterday's game plan. The price action over the past 24 hours has been unfolding precisely according to the technical setup identified.
We channeled into the 68,923 resistance zone through a controlled upside grind, allowing the market to steadily bleed off the compression energy. This phase lasted several hours until we finally peaked slightly above the key resistance level.
Some sell-side liquidity emerged at that point to knock us back into the range momentarily. However, the dip was promptly bought, and the bulls have now regained the upper hand, mustering a stronger push above the 70K psychological barrier as I write this at 8:30 am. (video was done at 7:30 am)
This juncture represents a critical litmus test for the sustainability of this bullish move. While an intraday spike above 70K is encouraging, we need to witness a complete hourly candle body closing convincingly beyond that level to validate an impulsive continuation uptrend.
Any failure to achieve that could quickly renew selling pressure and shove us back below the newly cleared 68,923 resistance, potentially all the way down to the 66,500-66,900 consolidation supports we've been tracking.
However, if the buyers can absorb any residual sell-side liquidity and establish a foothold north of 70K, we could rapidly project towards the next key resistance around 71,500 or higher. Clearing that swing high from last month would provide more confirmation of a genuine uptrend reversal.
So while the bullish resolution is progressing according to plan so far, we've now reached the make-or-break moment. The ability to sustain this breakout impulse will determine whether we can expect clear skies toward new highs or if we'll get slammed back into the range yet again.
Have your plans ready to capitalize, regardless of the outcome. Upside follow-through could trigger explosive continuation with a short-term target of around 75K in play. But any signs of faltering momentum should be treated as a potential bear trap back into the range.
Given the tendency for volatility around such critical technical junctures, it's crucial to keep risk under control and only trade with appropriate size. Don't overleverage in either direction until the path forward becomes clearer.
I'll be glued to my screens monitoring this decisive phase. Expect more updates as the situation develops further. For now, it's time to embrace the turbulence - the long-awaited breakout appears imminent.
Stay focused and disciplined, fam. Opportunities are unfolding, but they require calm, collected execution to be captured effectively. Make it a green day!
