We've noticed Bitcoin price action currently respecting a bearish market structure. We can see in the current wave of price in the D1 and H4 that price has been tanking through demand zones, whilst respecting retests of these zones as price continues to drive lower.
Currently we are at a critical strong level. If price respects the retest of the chart pattern as...
Looking at our H4, we see price reject our supply zone for a third time indicating a potential short set up loading.
We then patiently waited for confluence of this set up which came in the form of the ascending trend line being broken. Going down a timeframe to H1 we notice a triple top being broken, price coming back for a re-test and a bearish confirmation...
We can see price break market structure in the higher time frame switching to a bullish structure. Reasons for entering the trade here are as follows:
Aggressive entry:
1. Break and re-test of descending trend line in higher time frame.
2. 3rd touch on ascending trend line on H4 (I used H1 for a more clear picture). The two trend lines intersect at the point of...
Looking at the re-gained bearish momentum and a break of the recently created demand zone, expecting price to now move from zone to zone to the demand zone located below which in turn allows price to fill the range.
