We are looking for a swing trade so I will utilize the weekly and 4 hour timeframes to make my decisions. On the weekly timeframe we look for three things in particular which are our key levels, patterns and candlestick analysis. On the 4 hour timeframe we focus on using most of our technicals which is including fibonacci, support and resistance , supply and demand zones, market structure, candlestick analysis etc. On crypto we are looking at the Daily and 1 Hour timeframes to take trades when they are ready.
On the monthly timeframe we can clearly see that BTC is rejecting the highs. At this point there are too many buyers in the market to slow this thing up. We will need for this monthly candle to close with a lot of rejection in order to not think that we will head higher up.
On the weekly timeframe we have formed a doji candle which obviously shows signs of reversal but this is to be expected after an extended push. We are still waiting to see whether we reverse from here. Key level to watch is 58,800 level.
On the monthly timeframe we can clearly see that BTC is rejecting the highs. At this point there are too many buyers in the market to slow this thing up. We will need for this monthly candle to close with a lot of rejection in order to not think that we will head higher up.
On the weekly timeframe we have formed a doji candle which obviously shows signs of reversal but this is to be expected after an extended push. We are still waiting to see whether we reverse from here. Key level to watch is 58,800 level.