Bitcoin reached The supply zone as I mentioned in my previous idea. Clear breakout with volume from the Channel and it creates a new HH and HL.
17400$ is the key level, you can see on the left the consolidation before the bearish impulse where the market creates the new low.
The market printed an Engulfing on the 4h timeframe after a shooting star candle.
These candles are reverse candles, for that reason, we could see a reverse movement.
Of course, two candles are not enough to open a new short position, we are waiting for a breakout of the 17k local demand zone in order to apply our strategies.
the scenario is going to invalidate if the market prints a daily candle above 17610 structures
17400$ is the key level, you can see on the left the consolidation before the bearish impulse where the market creates the new low.
The market printed an Engulfing on the 4h timeframe after a shooting star candle.
These candles are reverse candles, for that reason, we could see a reverse movement.
Of course, two candles are not enough to open a new short position, we are waiting for a breakout of the 17k local demand zone in order to apply our strategies.
the scenario is going to invalidate if the market prints a daily candle above 17610 structures
Note
13%
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.