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Bitcoin on the daily TF, created a Bearish engulfing variation. Then going down to the H1 we see that price had created a level of support but was broken by the two bearish engulfing. (Red Box) As well patiently waiting for the LH to form. On the H4, it seems to be creating a Head and Shoulder pattern which is a good sign for reversals.
Price on the daily TF has been on as bullish trend, extremely. Yet we are at a recent HH as well as a level of resistance. Not being OFFICIALLY broken only TESTED . so that means we are waiting for a pullback/ counter trend which we see right now. With the daily being bearish at the moment i would project seeing a cleaner trend on a smaller TF, so H1.
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On the Daily TF price had broken a MAJOR structure area. Result creating a HH then a minor retracement which was a 23.6% on the fib. Price then created a HH then a Really Steep Retrace. Coming to an area of confluence with an area of exhaustion, hitting 38.2% (meaning being an official HL point), As well at a 160.000 QP level. Waiting for price to create an...
