The market is still clearly in a selling pressure phase, but so far there's a crucial resistance level we're watching closely:
72,302
As long as this level holds and isn't broken, we still have a real shot at the price bouncing back above the level we discussed earlier in stage one: 78,478.
If the price manages to reclaim and hold above 78,478,
this means the picture could start to shift again,
and from there we begin a completely different phase from what we're seeing now.
We have a logical and comfortable condition tied to the weekly close, and with about 3 days left until the end, if the price — by the will of the Almighty — can close above the level of 72,302, even by a small margin, this gives us a clear advantage.
In this case, the negativity gradually eases, and we start thinking with a profit-taking mentality instead of fear.
As for breaking the 72,302 barrier,
that opens the path more easily towards the 69,000 areas.
This scenario is something we don't want right now.
To be honest,
our play here isn't based on a day or two's movement,
nor on chasing every up and down.
We're approaching the market with a long-term mentality and we're in it for the long haul, God willing.
So, it’s not necessary to jump in and out with every movement,
sometimes having a mindset of both a trader and an investor can be a skill that serves you later, God willing.
Trust in God,
the market isn't read in a moment, but understood with patience and calm at critical areas.
And those who know how to wait understand the picture at the right time.
72,302
As long as this level holds and isn't broken, we still have a real shot at the price bouncing back above the level we discussed earlier in stage one: 78,478.
If the price manages to reclaim and hold above 78,478,
this means the picture could start to shift again,
and from there we begin a completely different phase from what we're seeing now.
We have a logical and comfortable condition tied to the weekly close, and with about 3 days left until the end, if the price — by the will of the Almighty — can close above the level of 72,302, even by a small margin, this gives us a clear advantage.
In this case, the negativity gradually eases, and we start thinking with a profit-taking mentality instead of fear.
As for breaking the 72,302 barrier,
that opens the path more easily towards the 69,000 areas.
This scenario is something we don't want right now.
To be honest,
our play here isn't based on a day or two's movement,
nor on chasing every up and down.
We're approaching the market with a long-term mentality and we're in it for the long haul, God willing.
So, it’s not necessary to jump in and out with every movement,
sometimes having a mindset of both a trader and an investor can be a skill that serves you later, God willing.
Trust in God,
the market isn't read in a moment, but understood with patience and calm at critical areas.
And those who know how to wait understand the picture at the right time.