You can see the recent stopping volume spike. As usual, you want to use the 1 or 4 hour (4 hour being better) to identify where the accumulation/positioning is taking place and wether of not smart money is active.

Many people have no idea whats going on here. These target areas are hypothetical. In trading, you want price to come to you. Once it does come to you is when you initiate your plan of action. I am a die hard fan of Wyckoff/ VSA methodologies. I think that supply/demand/ volume trading is the most superior technique in reading a chart. However there are people that can trade patterns, price action alone and other methods. My point is that you can make ANY trading strategy work.. if you are patient. There are ways to trade line charts. There are ways to trade point and figure charts. There are techniques to trade renko or heiken ashi.

So that is all that is going on here. I paint my target areas and wait. I don’t chase. I want the price to come to me.

If price reaches my preferred target areas I al looking for a specific thing to happen. In supply/demand trading, I am waiting for those large volume spikes that tell us that SM has been activated.

If I do not recognize the pattern or if price hasn’t reached my target areas I adjust from there.

If it looks like a high probability situation, I risk more
If i am less sure but it still looks “good enough” I risk less and actively monitor the trade.

So with all that… look at where price is in relation to other spots. Is the current price point an area where you would short? Maybe.
But what is the risk of shorting into a demand zone? High.

Price is low here. There is some strength coming in and there were a few spikes on the way down.

There is some talk of it reaching 18,000 USD. When exactly? the percentage drop to 18K is pretty far. I am not saying that it wont get there (i hope it goes lower than that personally) but its not going to be a strait line. YOu have to take it from one demand zone or supply zone to the next. Why?

Because SM is smarter than you and me. They can activate large buying at any level and turn price on you. They do it regularly. That is why I think long range projections are grandiose and unrealistic.

Base hits makes you money. Trying to hit a home run will break you bank in an instant. Know your risk and recognize where you are as far as yrou own skill. Practice with a demo account in between live trading. The more reps you have, the better you will get.

Sources of education:
Richard Wyckoff
Tom Williams Volume spread analysis VSA / Master the Markets
Pete Faders VSA*
Sam Seiden ( supply and demand )
Read the ticker dot com
Wyckoff analytics
PsychFX
MentFX
Element 15 trades (bitchute/odessy)

Avoid buying into weakness/supply/resistance
Avoid selling into strength/demand/support
Avoid entry when price is in middle of a range (phase B)