This just a very quick 4 hourly view on bitcoin.
I'm expecting a bounce in the 7700 - 7750 or a bounce in the 7300 - 7588 range.
Inside the latter range, if you held a gun to my head to see where we would bounce, my bet is on the 7370 - 7400.
This is further reinforced with the appearance of positive divergence on the 4 hourly, this divergence appears on all timeframes up to the 12 hourly, thus lending this idea a lot of strength.
Targeting the 8800 liquidity for a nice short zone.
If you think we are bullish.
I'd still be careful, because we are still macro bearish and a lot of our higher timeframe indicators are already showing overbought (NOT AN INDICATION TO SELL) a shift in market structure should arrive sooner rather than later.
Additionally weekly end and monthly end are coming up, so it would make sense for market makers to maintain current prices, run prices up to take the stops of our current highs, then drive the market down.
Of course this is a very bearish outlook,
The latter possibility is a run to take out the liquidity near 9400 and 10k after which we correct.
THIS OF COURSE IS IF THE CURRENT SWING LOW (on the hourly) at 7877.8 holds (candles closing above this)
I'm expecting a bounce in the 7700 - 7750 or a bounce in the 7300 - 7588 range.
Inside the latter range, if you held a gun to my head to see where we would bounce, my bet is on the 7370 - 7400.
This is further reinforced with the appearance of positive divergence on the 4 hourly, this divergence appears on all timeframes up to the 12 hourly, thus lending this idea a lot of strength.
Targeting the 8800 liquidity for a nice short zone.
If you think we are bullish.
I'd still be careful, because we are still macro bearish and a lot of our higher timeframe indicators are already showing overbought (NOT AN INDICATION TO SELL) a shift in market structure should arrive sooner rather than later.
Additionally weekly end and monthly end are coming up, so it would make sense for market makers to maintain current prices, run prices up to take the stops of our current highs, then drive the market down.
Of course this is a very bearish outlook,
The latter possibility is a run to take out the liquidity near 9400 and 10k after which we correct.
THIS OF COURSE IS IF THE CURRENT SWING LOW (on the hourly) at 7877.8 holds (candles closing above this)