BitcoinLong
BITCOIN (BTCUSD) - Week 11 - H12 Analysis
Updated
Happy St Patrick Day Folks!
▪️Last week Recap
we were expecting BTCUSD to bounce off from the 20k price level, which it did. We had few scenarios in mind one of which was to go back up all the way to the 25k price level and reverse down from there for more ranging but after few days of working that price level, it finally broke through early this morning and BTCUSD is now trading above the 25K psy price level.
[u]Point to note:[/u] Last week closing candle (i.e. rejection from the downside with long wick) was a tell-tale sign on where price would be heading this week and maybe weeks to come. So always good to check your HTF (Higher Time Frame) candles once closed!
▪️This week analysis & potential scenario
This move will be considered a true BO from a range that has spanned for many months if this price action is confirmed by a close on a HTF candle and/or if there is no “acceptance" back below the mid-20K price level.
This week / today’s up move was very strong and so we believe it to be a true BO, i.e. price will very likely keep pushing to the upside rather than going back down below 25K key level to trade lower. However, we would anticipate some corrective move (pullbacks) when reaching key price / structure levels (28K ~27K), please see grey arrows for more details on potential scenario.
That’s it folks for this week, hope you have a nice St Patrick weekend, and please trade with care!
▪️Last week Recap
we were expecting BTCUSD to bounce off from the 20k price level, which it did. We had few scenarios in mind one of which was to go back up all the way to the 25k price level and reverse down from there for more ranging but after few days of working that price level, it finally broke through early this morning and BTCUSD is now trading above the 25K psy price level.
[u]Point to note:[/u] Last week closing candle (i.e. rejection from the downside with long wick) was a tell-tale sign on where price would be heading this week and maybe weeks to come. So always good to check your HTF (Higher Time Frame) candles once closed!
▪️This week analysis & potential scenario
This move will be considered a true BO from a range that has spanned for many months if this price action is confirmed by a close on a HTF candle and/or if there is no “acceptance" back below the mid-20K price level.
This week / today’s up move was very strong and so we believe it to be a true BO, i.e. price will very likely keep pushing to the upside rather than going back down below 25K key level to trade lower. However, we would anticipate some corrective move (pullbacks) when reaching key price / structure levels (28K ~27K), please see grey arrows for more details on potential scenario.
That’s it folks for this week, hope you have a nice St Patrick weekend, and please trade with care!
Note
Last Friday (24th march) price reversed from the 
29K price level, leaving behind an Indecisive weekly candle. Albeit, we are still looking at that pullback onto the 25K for a potential bullish entry. That said, price could still make a deeper pullback but it is is unlikely; in any case, we will be waiting for true Market signals to take that entry - please see chart below for details 
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