Unity-Trading-Group

A breakout, it's alive! ... Or is it? a BTCUSD Update

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Good morning @everyone

An interesting turn of events over the last few hours, but, honestly justified. While the macro time frames are looking bearish , the micro ones are looking like they needed some relief. I did mention this during yesterday's update as a potential scenario

We broke out if this wedge , where we had the Demand level as the floor, pushing through that trend line to a short term level of Supply where our most recent pivot point is on the 4h time frame. We have to pay attention to market structure at the moment, to determine whether this move is going to continue.

So what I'm looking for is a break of this short term Supply Zone , this will tell us if market structure is making new highs and continuing is a possibility. If we don't make that structure and this Supply stays in place, then we can very much expect the opposite and this longer term, overall move will continue. The beauty of using Supply and Demand is that the guesswork is removed, we either break up, or this move fizzles out. I'm leaning toward this move giving us another LH for an eventual continuation.

Let me know what you think this going to happen!

Have a great day

Comments

On the weekly time frame bitcoin has a huge supply zone, PA has touched this area a couple times but could not break it!
Reply
Love seeing a fellow S&D trader!
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