Bitcoin UPdate

Updated

These are levels that I'll be keeping an eye on when dealing with BTC, and I'll revise as price action progresses.

I adapt to the change in money flow.

I'm curious to see how this plays out, but I do believe some will be on the losing side due to this current rally. What waits ahead is huge, and can potentially drive Bitcoin's price lower than where it was recently consolidating. Multiple time frame analysis is so important.

I would anticipate a break of the Daily range, and a retest. However, if the momentum is enough I wouldn't look for a pullback.. just continuation. We shall see..

Note

"Blackrock Inc., the world's largest asset manager, launched a Bitcoin fund."

Note

BlackRock Inc. is offering its first-ever investment product directly in Bitcoin, marking a significant move into crypto markets by the world's largest asset manager.

Note

Seeing that price been hovering around the most current daily high for a few days, I would anticipate a move down due to the bear pressure. Not to mention the liquidity resting above the high.

If I were to take a short term trade, it'll be at the high down to the daily EQ ($18,660). ***NOT TO BE TAKEN AS TRADING ADVICE***

Note

Daily high plus bearish range has been broken. What I see is a rally followed by an ascending channel that's forming. I would look for the bears to enter the market around the $25 price point. We shall see..

Note

is where I'm anticipating the bears to enter the market.

Note

P.A. made it up to the price point. I'm actually anticipating a flip in it's current area. However, it more than likely won't go far down since there's imbalance ($17,194 - $20,393) resting underneath price. I would wait for a break of the $24,555 level.

If not that, I would wait for price to reach that huge range up above to knock it down. Look to the monthly and beyond to locate the clues..

Note

The $24,555 was broken. Bearish sentiment. 👀🐻

Note

'V' shape forming on H4. If valid, I'll wait for P.A. to get above/retest the $25,200.

Note

Looking for the H4H ($24460) to get swept, so P.A. can drop between the $21383 - $22400 which is also the area from which it came from since it broke daily structure to the upside.

This potential downside move can be viewed as a retracement. We shall see..

Note

$18800 👀

Note

P.A. hit weekly imbalance.

Note

Bitcoin finally closed above 25K. However, I am anticipating the bears to re-enter the market in strong fashion. We shall see..

Note

Bitcoin is still considered bearish in my opinion. 🤷‍♂️

Note

Daily ledge was breached, but not broken. Precursor. 🐻

P.A. will more than likely sweep the equal highs ($28811), and if it breakthrough the $26860 level then I would anticipate it's 1st stop to be 25K. We shall see

Note

I'm anticipating the bears to enter the market around the $28400 level. 👀

Note

$26860 has been breached. Bearish sentiment.

Note

P.A. is forming an ascending channel while at the beginning of a huge bearish barrier. This might not be a good time to look for buys. 🗣 NOT FINANCIAL ADVICE‼

Note

$31790 🐻🧐

Note

Looks like P.A. is currently respecting the $31790 level. I would turn bearish for the moment IF it were to break below the $27830 level. We shall see

Note

I'll be sure to create a new published idea on Bitcoin. However, I'm looking for the trend to flip from bullish to bearish between $35200 - $41360. If bulls continue to dominate, I'll then look for P.A. to breach/break the $45500 which is the level that can ultimately turn the trend to overall bulls. We shall see..

Note

New published idea is UP!

ChrisJTradesFX

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.