Hello mates,
Its the moment for some bearish time on the BTC, I am seeing a clear pattern on the daily and H4 timeframe all are indicating a bearish moment of BTC.
On my setup illustration, I showed an (SMS) which mean a failure in creating a new swing high, and then a (BOS) which should be familiar to most traders as a break in the structure and BTC has been ranging in between the 50k to 60k for the previous 21days which shows some sing that BTC need a much deeper pullback after coming back to the (SMS) the last candle which proved to be engulfing candle with has much potential of dropping the BTC to 50k or 46K or even more, but for me, that is my target zone.
I will update this idea with much clear view on the daily TF.
Its the moment for some bearish time on the BTC, I am seeing a clear pattern on the daily and H4 timeframe all are indicating a bearish moment of BTC.
On my setup illustration, I showed an (SMS) which mean a failure in creating a new swing high, and then a (BOS) which should be familiar to most traders as a break in the structure and BTC has been ranging in between the 50k to 60k for the previous 21days which shows some sing that BTC need a much deeper pullback after coming back to the (SMS) the last candle which proved to be engulfing candle with has much potential of dropping the BTC to 50k or 46K or even more, but for me, that is my target zone.
I will update this idea with much clear view on the daily TF.
Comment:
what makes me notice the potential drop is all because of the daily price pattern, but in the last on the price fail to qualify the (SMS) to be a trading zone because the price fails to close below the previous swing low which is the confirmation to trade the zone. But in the second wave, I am seeing a complete pattern with even extra confirmation such as the equal resistance which is the liquidity zone. let us see what will happen
Comment:
this setup I am paying attention to because it has some potential to pull the market to an all-time new high. I am noticing a (stop hunt) on the h4 with a potential head and shoulders pattern on the daily can reverse the market. but if it failed to hold then BTC will drop with zero issues.