BTC Weekly OB'sFor those interested, OB's are quite the holy grail in BTC, together with RSI divergences... and PA (patterns, candles, etc...)
The only untested OB's are shows in blue, the ones already tested in green...
So we can see we have our bullish OB above PA untested, even if we gonna make a new low, we should test it, starts at 8223$ and ends at 9529$, but closing above 50% OB at 8876$ we are more inclined for upside continuation, closing above 9529$ or will be bull trap or we'll pump to next OB from there because it's bullish.
On the other hand, we haven't tested the bearish OB and we should do it, sooner or later (it makes sense sooner, probably after poking 8223$), closing below 50% OB at 7314$ we're more inclined for downside continuation, closing below 7119$ or will be bear trap, or we will dump from there because it's bearish.
So, right now we have a small range, a medium range and a larger range:
Tighter range: 7500$ - 8223$
Medium range: 7314$ - 8876$
Larger range: 7119$ - 9529$
As explained above, you already know what to do!
About the highest OB, we can't really say it's untested as we tested right after closing below with 2 candles (1 wick and 1 candle close inside, as you see, BTC wicked 50% OB but wasn't able to close above, so it dumped from there.
I drawn it like untested OB, because going up, from bottom 3k to high, you can see that we haven't poked that OB, and it's the only one untested, so I'd say we will do it, when... that's the question, but soon if we remain bullish and printing HH, HL.
OB's are magnificent tool to trade, learn them if you wanna be successful!
Chart is almost naked, just OB's, and you could trade solely on them.
PS: I just drawn the OB's that matter the most for the recent price action and to show how they "always" get tested!
PSS: I might be confusing bearish and bullish, because I don't need to name them and never do, would rather call them green and red but some are white and black :)
