H12 BMS upwards - bullish Now moved down to 0.5/nearing OTE of that leg - which lines up with a 4H orderblock within the 12H bullish orderblock On the m15 I have a structure which gives the entry and SL shown, just got to wait for price to return to it as the m15 has moved away aggressively I've treated the daily LH as a cap for now, where I see the market finding high resistance, as it is in-line with the weekly resistance Last chance also? As the 30K support really shouldn't hold again, so market needs to push on, claim the mids and test the highs If test at highs is failing I will likely exit majority of holdings as 30K has been tested 4/5 times now. Each tap it becomes weaker, and with exchange FUD, it will defo be getting weaker!
Great professional analysis, I agree with your comments about the 30k support having too many chinks in its armour to hold up to a bearish attack again. I feel like if the price hits these levels again which is looking like the likely scenario I really can't see this level holding up, following a breakthrough we might then see a drop-down to the 20k/18k levels where it's likely BTC would get aggressively bought up by institutional money causing a nice pump bottoming out the bear market and giving the bulls the break needed to target ATH's by the end of the year. Anyway, great analysis again and keep up the great work!
InvestmentsHub
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@Zen_3_6_9, cheers, and yes I would expect pre-breakout levels on both ETH and BTC to be brilliant buys back into first trouble areas - 28/30K and 2K - liquidity capitulations will move price widly round these levels no doubt. Still happy to risk an R for some longs here, but you could argue this is a failed BMS, like on the break through 38.5, so we have to see success through this region soon!
DutchyFX
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@InvestmentsHub, Yup yup definitely a good buying zone but I'm not sure If the bulls will have the legs to maintain the support this time as that zone is so weak now. I agree with you and think it's smart to risk an R for the long as if we are going to reverse anywhere it's going to be 28k/30k but let's not be surprised if we breakthrough this time as solely looking at the technicals/raw PA it does look quite bloody still. If I'm honest with you, I'd prefer the bearish scenario to play out and for BTC to hit the 20k level or below as the buying/longing opportunity would be legendary. Anyhow, let's keep a neutral mindset, let the market give its hand and just trade what we see! Keep up the analysis mate it's good stuff.
InvestmentsHub
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@Zen_3_6_9, Cheers dude, non farm payroll today gonna be wild