At least temporarily. When I look at this chart, I see imbalanced price action all over the place (purple boxes). And as we know with the smart money strategy, price will sooner or later make its way back into these areas.
So, my thinking is, if we get a break of structure (dotted line) followed by a re-test somewhere close to the imbalance above that area, or the manipulation candle (solid red line), then we may be looking at a temporary change in direction.
That said, Bitcoin has been in a strong bullish environment since Nov. 2022, so it’s riskier than a similar set up moving in the opposite direction. Manage your bankroll accordingly!
So, my thinking is, if we get a break of structure (dotted line) followed by a re-test somewhere close to the imbalance above that area, or the manipulation candle (solid red line), then we may be looking at a temporary change in direction.
That said, Bitcoin has been in a strong bullish environment since Nov. 2022, so it’s riskier than a similar set up moving in the opposite direction. Manage your bankroll accordingly!