Based on the Commitments of Traders data reported on: October 8th 2024
🔎📊 CFTC EXPERT ANALYSIS
🎩 Each week I will highlight a specific pair from the Araujo Report. The analysis will be a potion of what's made available to members.
🎩🔎 Overview: Price bases at the highs and longs decreased from 370k to 348k, profit taking as we’ve been suggesting. Shorts on the other hand only slightly increased from 70.1k to 70.7k. It looks like we might be starting to see the selloff we’ve been expecting. Still early to tell. Daily demand was removed and new supply is in play now. New weekly demand formed but this demand is very far away from the ascending trend line. New monthly demand may be forming as well. All time max longs are at 408k and we are getting close to that. We’ve got uptrends on the weekly and monthly charts still intact but price is well above those trend lines. My focus will be on the bigger picture. For there to be a longer term sustainable move higher I would want a bigger decline and longs to go back to default positions are close to it and then build momentum again from a higher timeframe demand zone.
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