Dear Traders,
In my personal opinion, BTC may just create another Lower Low (LL) before a new bullish run or before creating a new All-Time-High (ATH).
Paying close attention to price action, there are so many overlaps of Institutional reference points around the zone price is current at the moment and there are three clear ones that are yet to be mitigated.
1. Bearish OB,
2. Bearish Mitigation Block and
3. FVG. The Bearish OB
The Bearish Mitigation Block is yet to be mitigated as well as the extreme Bearish OB. For me, if you are not in any trade and you see this kind of price action and you want sell, it is better to wait for the bearish Mitigation Block and if for whatever reason, that fails, then, look at the bearish OB with SL above the price tag in green,.
You should pay attention to notice if there is a break above the Bearish OB in 4H and if that happens, the bias should change to Bullish but for now, I think we may just see another Lower, low before a Bullish Run probably to a new ATH. I am personally bearish with caution.
I personally would like to see a clear bearish pattern in lower timeframes once price gets to any of the POIs above current price level before making attempts to sell, otherwise, with any bodily candle close above the previous high of $12,000, I will surely start to look for buy opportunity to join the new rally. So I would remain neutral until then.
Stay safe.
In my personal opinion, BTC may just create another Lower Low (LL) before a new bullish run or before creating a new All-Time-High (ATH).
Paying close attention to price action, there are so many overlaps of Institutional reference points around the zone price is current at the moment and there are three clear ones that are yet to be mitigated.
1. Bearish OB,
2. Bearish Mitigation Block and
3. FVG. The Bearish OB
The Bearish Mitigation Block is yet to be mitigated as well as the extreme Bearish OB. For me, if you are not in any trade and you see this kind of price action and you want sell, it is better to wait for the bearish Mitigation Block and if for whatever reason, that fails, then, look at the bearish OB with SL above the price tag in green,.
You should pay attention to notice if there is a break above the Bearish OB in 4H and if that happens, the bias should change to Bullish but for now, I think we may just see another Lower, low before a Bullish Run probably to a new ATH. I am personally bearish with caution.
I personally would like to see a clear bearish pattern in lower timeframes once price gets to any of the POIs above current price level before making attempts to sell, otherwise, with any bodily candle close above the previous high of $12,000, I will surely start to look for buy opportunity to join the new rally. So I would remain neutral until then.
Stay safe.
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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.
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.