Based on the Commitments of Traders data reported on: January 24th 2023
#OIL may have a monthly demand zone that is in play. This type of demand is not of high quality and is something that we are currently studying.
$EURUSD monthly supply is being penetrated through right now. Will this zone be taken out, likely. The question is why are the banks removing it? We spoke about this in some detail on the level 3 session and what we discovered was that if new demand was formed then if price dropped and removed it it would form a high quality downtrend with supply to support it.
$GBPUSD (in our last report) price is reacting from the weekly demand zone that we had drawn out. Pressure to the upside. We can see this pressure continued this past week as we suggested it would.
$BITCOIN something interesting is happening with this chart. The weekly supply has been taken out and new demand is being formed. Price now at the 23k mark. Here’s the thing, I sense this rally is luring in a lot of retail traders thinking this is the time to start buying again BUT we really don’t know this to be true because:
1. We don’t have price reacting from higher timeframe demand.
2. There are no sustainable trends being formed on the daily or weekly chart.
So it’s best to wait on the sidelines until these things come into play, otherwise you are betting and we are not gamblers.
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