Keep it Simple🧧 4Hr Resistance Zone in a Short Term Downtrend ₿
Updated
It is Safe to Say that after looking at the Weekly chart, Bitcoin will likely see more downside to come.
We can observe Bearish market Structure on the Weekly Chart. A LL on the second week of April(27,566$), a Lower High on the first week of May (29,236$) and now a New LL (26,931$) on the Second week of May.
Price is stair stepping it's way down. Gracefully. But with that said we may see a fierce drop to come as we have seen in Years Past on BTC. We can recall that when investors and institutions dump BTC they do not hesitate.
The Daily Candle is About to close Bullish. However we can at least anticipate a Lower wick and bounce off our 4Hr Zone 27,430$
On Monday of this week Price respected our 27,600$ Weekly S/R Level.
Price in Medium Term has eased off our June 2022 30,000$ Weekly S/R level and is pulling down.
With clean traffic to the left on the 4Hr Timeframe I can visualize price dropping once we return to 26K again.
Our Next Stop on the Daily timeframe will be 24,374$ .
For Buyers we are at the extreme lows of our Daily Range between 26,700$ and 30,500$. Price is testing the extreme Lows. Will Buyers step in to protect these Medium Term Lows or will BTC print fresh lows alongside the Stock market as Inflation stays steady above the Fed's 2% Target.
I think at the Bare Minimum we can anticipate a Short term range between 27,600 Weekly S/R level and 26,700 Daily Level. We are selling the top of the range.
Not Financial Advice
For Educational Purposes Only.
This is Price Action combined with Multi-Timeframe Analysis.
We can observe Bearish market Structure on the Weekly Chart. A LL on the second week of April(27,566$), a Lower High on the first week of May (29,236$) and now a New LL (26,931$) on the Second week of May.
Price is stair stepping it's way down. Gracefully. But with that said we may see a fierce drop to come as we have seen in Years Past on BTC. We can recall that when investors and institutions dump BTC they do not hesitate.
The Daily Candle is About to close Bullish. However we can at least anticipate a Lower wick and bounce off our 4Hr Zone 27,430$
On Monday of this week Price respected our 27,600$ Weekly S/R Level.
Price in Medium Term has eased off our June 2022 30,000$ Weekly S/R level and is pulling down.
With clean traffic to the left on the 4Hr Timeframe I can visualize price dropping once we return to 26K again.
Our Next Stop on the Daily timeframe will be 24,374$ .
For Buyers we are at the extreme lows of our Daily Range between 26,700$ and 30,500$. Price is testing the extreme Lows. Will Buyers step in to protect these Medium Term Lows or will BTC print fresh lows alongside the Stock market as Inflation stays steady above the Fed's 2% Target.
I think at the Bare Minimum we can anticipate a Short term range between 27,600 Weekly S/R level and 26,700 Daily Level. We are selling the top of the range.
Not Financial Advice
For Educational Purposes Only.
This is Price Action combined with Multi-Timeframe Analysis.
Note
Better than expected Unemployment Data is helping our trade. It was anticipated to improve in comparison to the previous period. It not only improved but beat expectations. This coincides nicely with rejection of our 4Hr S/R level 27,430$ Trade closed: target reached
Our Analysis played out very nicely. Our fresh 27,430$ 4Hr Zone acted as a great seat to jump into the Short train. Price tapped into our Lowest 4Hr Zone on the chart at 26,312$ before players took profit and the daily candle pulled back up closing inside our daily range at 26,767$ Note
Price has pulled back below our daily level 26,767$ and for bears we would like a Daily close below here. Very soon after we may see a decrease in BTC to 25,815 and a larger move down to our next Weekly S/R Zone at 24,309$. Our bias remains the same and we will continue to follow price to the downside as long as market structure persists bearish. If the Bulls see a strong daily candle close back inside 26,767 Daily level we may see another increase back to 27,600 Daily resistance level and beyond. The latter would be characterized as a fakeout to capture bear liquidity and move to the upside.
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