This is what I'm looking at this week
OK, so... Bitcoin price action has been a bit odd lately. There has been a bunch of fake volume, fakeouts, and sideways tight ranges.
You see how the bottom range of that bearish orderblock is being respected? This level is very key for bitcoin. As a bear, we want to see that level respected, and trade weaker off of it. Sunday's candle made a hammer off of that level which is pretty significant.
On the other side, bitcoin is making higher lows since testing the daily support level at 215. If the higher lows can hold then we may be able to punch through that bearish orderblock and get a move up, but there is the higher time frame OTE long entry that is looming below price currently...
Price may be reaching for 200 to get into that sweetspot. It is a tough spot imo, but the way I plan to approach this situation is like this:
-Watch the bearish orderblock to make sure it is not being violated
-Look for intraday lows to be taken out
-Look for new lower orderblocks to form
Now, reversals will consolidate longer than continuations. If this down trend is to continue, I would expect a break in the next couple days, if we don't get that, then bears have to be super cautious.
That's my 2cents.
I also write daily short time frame intra day analysis for this website here:
You should check it out: themerkle.com/speculation/bitcoin-trading-price-analysis-for-418/
You see how the bottom range of that bearish orderblock is being respected? This level is very key for bitcoin. As a bear, we want to see that level respected, and trade weaker off of it. Sunday's candle made a hammer off of that level which is pretty significant.
On the other side, bitcoin is making higher lows since testing the daily support level at 215. If the higher lows can hold then we may be able to punch through that bearish orderblock and get a move up, but there is the higher time frame OTE long entry that is looming below price currently...
Price may be reaching for 200 to get into that sweetspot. It is a tough spot imo, but the way I plan to approach this situation is like this:
-Watch the bearish orderblock to make sure it is not being violated
-Look for intraday lows to be taken out
-Look for new lower orderblocks to form
Now, reversals will consolidate longer than continuations. If this down trend is to continue, I would expect a break in the next couple days, if we don't get that, then bears have to be super cautious.
That's my 2cents.
I also write daily short time frame intra day analysis for this website here:
You should check it out: themerkle.com/speculation/bitcoin-trading-price-analysis-for-418/
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