We are however still in a downtrend and current area is the place for the new LH.
We already have the SFP at the highs (thus, good for the LH formation) but this hasn't provided any downward move + MSB isn't possible anymore as it has taken too long. We could get a LH SFP though which I think will still create the downmove.
The question I ask myself now: what if we don't get the LH SFP and go down first? This would then create the HTF HL I think, as price has no resistance but still breaks down + there's no short setup to be found.
But: will it go back to the lowest low of 74k or will it stay above the blue line structure and form the low around 82k? If the lowest low was an SFP price wouldn't go back to the lowest low but now I don't know: big horizontality makes past structure weaker to where price can easily go through it but at the same time if there's no reason to break down why would it break down in such a big way (from 84k to 74k instead of 84k-82k)?
We already have the SFP at the highs (thus, good for the LH formation) but this hasn't provided any downward move + MSB isn't possible anymore as it has taken too long. We could get a LH SFP though which I think will still create the downmove.
The question I ask myself now: what if we don't get the LH SFP and go down first? This would then create the HTF HL I think, as price has no resistance but still breaks down + there's no short setup to be found.
But: will it go back to the lowest low of 74k or will it stay above the blue line structure and form the low around 82k? If the lowest low was an SFP price wouldn't go back to the lowest low but now I don't know: big horizontality makes past structure weaker to where price can easily go through it but at the same time if there's no reason to break down why would it break down in such a big way (from 84k to 74k instead of 84k-82k)?
Nota
For now I have spot limit orders set on 82.7k level but I'm still contemplating on what the correct decision is.Nota
It's hard to tell if btc could drop down all the way to 74k without a LH SFP. Looking at it LTF (15min zoomed in) I think: no this can't happen, no SFP at highs and only consolidation to the left -----> no SFP = weak, no MSB = weak, consolidation = strong ------> impossible.
But on the other hand I'm thinking: yes but it's supposed to be the HTF HL and current lowest low is wack, would the surprise breakdown to 74k not just be the hint that price will SFP the 74k lowest low and then the lows will be in?
(text below is inverted chart perspective)
And what about the downtrend: INVERT the chart and I would say: yes the downtrend has weakened as price broke below the structure, but is this strong enough to suddenly just break through it all? Simply looking at it: I don't find the structure which it broke down under to be THAT outstanding and another HL here would just be the expected move BUT I don't think price will breakout further as it now did break below that structure which has definitely weakened the uptrend. Also price has now been seriously consolidating making space (due to this horizontality which makes structure of downmove weaker of resistance) for a fast upmove to the highest high.
Yes, the 30min zoomed out inverted is king: all the way zoomed in on the 15min you lose track of the bigger picture and the bigger picture you get by looking at the 30min zoomed out.
I should make use of the inverted chart more often as I'm way better in reading short PA then long PA.
Spot buys at 82k cancelled and moved to lowest low 74k for the time being (at the least waiting for what will happen LTF: LH SFP or not?)
Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.