After doing my top down analyses, the 10H TF is actually the biggest TF to signal its HL while the 8H TF is currently without a HL signal.
This means that every chart up to the 10H has its respective HL signalled with the exception of the 8H.
When the larger TF signals their HL but skips one of the smaller TFs we usually see price continue its retracement period until all the TFs align accordingly. And in doing so, the retracement may continue to signal HL on the higher TFs.
So before I enter any additional buy entries, the 1H gap at market reopen needs to be filled and all the TFs up to the 10H need to align with their HL signal.
This is why its pays to be patient. Lets see what volatility CPI brings to the markets.
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The retacement to signal higher TF HLs is still in effect as the market respects a clear resistance level at 21,172.4. On the 1H chart this resistance is shown from a series of Highs and LHs formed.
Potential drawdown has been avoided by waiting on the right buy entry.
At market re-open price gapped lower seen more clearly on the 1H chart. Historically price has been shown to fill the gap before continuing the retracement.
With CPI data coming out on Wednesday at NY session, I anticipate that price will fill the gap created and retest the previous resistance level thereby signalling a LH on the smaller TFs.
Using my fibs on the 7H chart, the retest of the previous resistance level falls at the 61.8% retracement level.
If this happens and price does not break structure then the retracement is still valid to continue signalling HLs on the larger TFs.