Can the Bitcoin Bulls Push Price Back Into the $7000s?
Bitcoin bounced off the 4-Hour Bullish Order Block (OB), which is currently acting as a key support level right between the demand zone and supply zone. It was stopped in its track by the 4-Hour Bearish OB, currently acting as a key resistance level.
The bulls need to defend this 4H Bullish OB at all costs. If price breaks below the solid black line around $6360, the chances of a stop hunt at the $6311.5 level will be quite high, this is marked with an "X".
If this happens it would signal a bearish break in market structure, and the probability of price revisiting the demand zone below will be quite high.
To maintain the bullish momentum, I would like to see a close above the equilibrium of the 4-Hour Bearish OB around $6620, which would give the bulls a strong chance of retesting the supply zone above if they manage to hunt the stops around $6700 marked with an "X".
The bears need to defend the solid black line around $6680 at all costs. I will be looking to long a retest of the now Bearish OB once there is a clean break, targeting the supply zone above, and possibly even higher if the stops at $6830 are to be taken.
If price breaks to the downside with a clean break through the now Bullish OB, I will be looking to short a retest of this area, targeting the demand zone below, possibly even lower if the stops at $6066 are swept.
Until one of these 2 scenarios materialize, I will remain flat and watch price action as it develops.
The bulls need to defend this 4H Bullish OB at all costs. If price breaks below the solid black line around $6360, the chances of a stop hunt at the $6311.5 level will be quite high, this is marked with an "X".
If this happens it would signal a bearish break in market structure, and the probability of price revisiting the demand zone below will be quite high.
To maintain the bullish momentum, I would like to see a close above the equilibrium of the 4-Hour Bearish OB around $6620, which would give the bulls a strong chance of retesting the supply zone above if they manage to hunt the stops around $6700 marked with an "X".
The bears need to defend the solid black line around $6680 at all costs. I will be looking to long a retest of the now Bearish OB once there is a clean break, targeting the supply zone above, and possibly even higher if the stops at $6830 are to be taken.
If price breaks to the downside with a clean break through the now Bullish OB, I will be looking to short a retest of this area, targeting the demand zone below, possibly even lower if the stops at $6066 are swept.
Until one of these 2 scenarios materialize, I will remain flat and watch price action as it develops.