BTC Weekly view 18 June
Updated
#Weekly
On long term chart, we don’t have big changes. BTC has cleared the stop below 6400. Still our weekly target identified by the harmonic swing and the ABC target at 4600 is not yet met .
https://[https://www.tradingview.com/x/5t8ZHWM5/]
#3-Days
Nothing much has changed due. We still have the butterfly buy formation around 4300. There is a small ABC target at 5300 which I expect to be hit if and when 5855 (the low of the year) get triggered
https://[https://www.tradingview.com/x/nC1nJe9I/]
#Daily
Daily view contains the same information and now price action is consolidating at the break point and volume is drying
#4-Hours
This will be our focus timeframe for this week. Soon enough market should decide whether it will trigger the stops or it will bounce for a potential bull trap. I am leaning for a bounce as short positions are increasing and longs are in a panic mode.
I highlighted areas where I expect a reaction and possible position taking based on the market direction (in the main diagram)
On long term chart, we don’t have big changes. BTC has cleared the stop below 6400. Still our weekly target identified by the harmonic swing and the ABC target at 4600 is not yet met .
https://[https://www.tradingview.com/x/5t8ZHWM5/]
#3-Days
Nothing much has changed due. We still have the butterfly buy formation around 4300. There is a small ABC target at 5300 which I expect to be hit if and when 5855 (the low of the year) get triggered
https://[https://www.tradingview.com/x/nC1nJe9I/]
#Daily
Daily view contains the same information and now price action is consolidating at the break point and volume is drying
#4-Hours
This will be our focus timeframe for this week. Soon enough market should decide whether it will trigger the stops or it will bounce for a potential bull trap. I am leaning for a bounce as short positions are increasing and longs are in a panic mode.
I highlighted areas where I expect a reaction and possible position taking based on the market direction (in the main diagram)
Note
Price collapsed before reaching my target sell area. I wont consider the buy around the green rectangle area as the market structure has changed. I will need to update my views. But for now, I am looking at 5290 and 5180
Stay safe guys!
Twitter: twitter.com/ZsilenceCrypto
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