BTCUSDT. Bitcoin is still in the game
Hello traders and investors!
On the daily time frame, Bitcoin's price remains in a sideways movement near the lower boundary at 59,005. Despite three expansions below this boundary—on May 1 (56,552), July 5 (53,485), and August 5 (49,000)—only the May 1 expansion was significant, with the daily candle closing below the previous boundary of 59,005. The candles on July 7 and August 5 closed below 56,552 but failed to close below the wicks of the July 5 candle, which previously expanded the range. If the seller is aiming to push the price lower and has made two attempts on July 5 and August 6, we would expect to see a result with a solid close, not just a wick.
If we continue to think in terms of a sideways movement (which I believe we should), the current relevant vector is the buyer's 10-11. On August 8, a buyer's zone was formed (blue rectangle). The absorbed volume of the seller’s August 5 candle is impressive—the largest volume in a year.
Note that there are two levels formed by two tests: 62745 is the test of the seller's candle from August 2nd, which had increased volume, and 57642 is the test of the buyer's zone at the lower boundary of the range. Currently, the price is squeezed between these levels.
Let's analyze the lower time frames for potential trading ideas.
8H Timeframe Analysis
On the 8-hour time frame, a sideways range has also formed. The lower boundary is at 53,485, and the upper boundary is at 71,997. In the buyer's 5-6 vector, a buyer's zone has formed at the bottom (blue rectangle), and a seller's zone has formed at the top (red rectangle). Both zones have been tested. The buyer's zone was tested at 57,642, and the seller's zone at 60,711. Currently, the price is squeezed between these levels, with a potential target of 70,079 for the buyer's 5-6 vector. Let's study what’s happening in the buyer's vector on a lower time frame.
2H Timeframe Analysis
The price has formed a sideways range, with the lower boundary at 49,000 (daily level too) and the upper boundary at 62,745 (daily level too). The level of 57,642 from the 8-hour time frame is the potential target for the seller’s 6-7 vector, while 60,711 is the potential target for the buyer’s 7-8 vector.
Trading Ideas
Medium-term Buys: Can be considered from the idea of the buyer's 5-6 vector on the 8-hour time frame or the buyer's 10-11 vector on the daily time frame.
Short-term Buys: Can be considered from the idea of the buyer's 7-8 vector on the 2-hour time frame, defending levels at 57,642, 56,552, and 53,485.
Short-term Sells: Can be considered from the idea of the seller's 6-7 or 8-9 vector on the 2-hour time frame, defending levels at 60,711 and 62,745.
Good luck with your trading and investments!
On the daily time frame, Bitcoin's price remains in a sideways movement near the lower boundary at 59,005. Despite three expansions below this boundary—on May 1 (56,552), July 5 (53,485), and August 5 (49,000)—only the May 1 expansion was significant, with the daily candle closing below the previous boundary of 59,005. The candles on July 7 and August 5 closed below 56,552 but failed to close below the wicks of the July 5 candle, which previously expanded the range. If the seller is aiming to push the price lower and has made two attempts on July 5 and August 6, we would expect to see a result with a solid close, not just a wick.
If we continue to think in terms of a sideways movement (which I believe we should), the current relevant vector is the buyer's 10-11. On August 8, a buyer's zone was formed (blue rectangle). The absorbed volume of the seller’s August 5 candle is impressive—the largest volume in a year.
Note that there are two levels formed by two tests: 62745 is the test of the seller's candle from August 2nd, which had increased volume, and 57642 is the test of the buyer's zone at the lower boundary of the range. Currently, the price is squeezed between these levels.
Let's analyze the lower time frames for potential trading ideas.
8H Timeframe Analysis
On the 8-hour time frame, a sideways range has also formed. The lower boundary is at 53,485, and the upper boundary is at 71,997. In the buyer's 5-6 vector, a buyer's zone has formed at the bottom (blue rectangle), and a seller's zone has formed at the top (red rectangle). Both zones have been tested. The buyer's zone was tested at 57,642, and the seller's zone at 60,711. Currently, the price is squeezed between these levels, with a potential target of 70,079 for the buyer's 5-6 vector. Let's study what’s happening in the buyer's vector on a lower time frame.
2H Timeframe Analysis
The price has formed a sideways range, with the lower boundary at 49,000 (daily level too) and the upper boundary at 62,745 (daily level too). The level of 57,642 from the 8-hour time frame is the potential target for the seller’s 6-7 vector, while 60,711 is the potential target for the buyer’s 7-8 vector.
Trading Ideas
Medium-term Buys: Can be considered from the idea of the buyer's 5-6 vector on the 8-hour time frame or the buyer's 10-11 vector on the daily time frame.
Short-term Buys: Can be considered from the idea of the buyer's 7-8 vector on the 2-hour time frame, defending levels at 57,642, 56,552, and 53,485.
Short-term Sells: Can be considered from the idea of the seller's 6-7 or 8-9 vector on the 2-hour time frame, defending levels at 60,711 and 62,745.
Good luck with your trading and investments!
Note
In the 2-hour time frame range, the seller's vector 6-7 has played out (the price touched the level at point 5 of the range). We are waiting for the buyer's vector 7-8. The potential target is 61,800.
All key levels are marked on the chart
Note
The spring is compressing.
On the 8-hour timeframe, the buyer and seller zones that I pointed out in the first post have been tested, and liquidity has been gathered beyond the levels of those tests (manipulation of test levels, arcs on the chart). Then, a new buyer zone and a new seller zone were formed (blue and red rectangles on the chart). The buyer zone has been tested, with the test level at 58,548.23.
On the 2-hour timeframe, the buyer vector 7-8 with a potential target of 61,800 has not yet been completed
Note
Note that the hourly level (63484) and the 10-minute timeframe levels (63482) almost coincide. If the buyer defends this level, you might consider looking for buying opportunities.
Note
A new seller's zone has been formed (red rectangle on the chart) on the daily timeframe. The 2-hour timeframe is still showing a sideways range.
The current seller's vector is 8-9, with a target of 56078. It makes sense to look for buy opportunities from the buyer's defense of 56078.
Sell opportunities can be considered from the new seller's zone on the daily timeframe.
Note
On the 2-hour timeframe, the seller's vector 8-9 has reached the target of 56078. The volume and delta are conducive to gathering stop losses below the level. The quick recovery by the buyer after the breakout and the candle closing above 56078 increase the likelihood of the price dropping below the local low of 55606. For the buyer's range vector 9-10 to play out (with a potential target of 62745), it would be prudent to accumulate volume and push the price below the local low of 55606.
If the buyer manages to engulf the attack candle, then considering potential buy opportunities could be reasonable.
Good luck with your trading!
t.me/user_friendly_trading
t.me/user_friendly_trading
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