Welcome to another Sunday update, where we’ll analyze the H12 and H1 BTC charts, as well as the Hyblock 7-day and 3-month charts.
Let’s begin with Hyblock. Last week, I mentioned my focus on the $27,800 level on the 7-day chart and the $25,400 level on the 3-month chart. We came very close to testing the $27,800 area on the 7-day chart before reversing, and we also approached the $25,400 area on the 3-month chart. These two levels continue to be the areas I’m paying close attention to. Additionally, we are now witnessing the formation of a significant liquidation level on the 7-day Hyblock chart at $25,800, which further strengthens the possibility of price approaching that level.
Moving on to the H12 chart, we recently experienced an H12 internal market structure break to the downside. Therefore, I maintain a bearish bias unless there is sufficient evidence to suggest a change. My objective is to short any upward bounces at the beginning of the week and remain focused on the 3-month $25,400 level as a potential target. However, a break above and sustained hold of the H12 external range high at $28,300 could prompt me to reevaluate my bias.
In the H1 chart, we have observed multiple market structure breaks in both directions. Given my bearish bias on the H12 chart, I will continue to seek short setups within the premium area of the H12 range. I will also closely monitor the 7-day $27,800 level, as reaching that level early in the week has the potential to trigger a reversal scenario. This could create an opportunity for a short trade towards the 3-month $25,400 level.
Wishing everyone successful trading and a wonderful week ahead.
Sunday BTC & Hyblock Update
Welcome to another Sunday update, where we’ll analyze the H12 and H1 BTC charts, as well as the Hyblock 7-day and 3-month charts.
Let’s begin with Hyblock. Last week, I mentioned my focus on the $27,800 level on the 7-day chart and the $25,400 level on the 3-month chart. We came very close to testing the $27,800 area on the 7-day chart before reversing, and we also approached the $25,400 area on the 3-month chart. These two levels continue to be the areas I’m paying close attention to. Additionally, we are now witnessing the formation of a significant liquidation level on the 7-day Hyblock chart at $25,800, which further strengthens the possibility of price approaching that level.
Moving on to the H12 chart, we recently experienced an H12 internal market structure break to the downside. Therefore, I maintain a bearish bias unless there is sufficient evidence to suggest a change. My objective is to short any upward bounces at the beginning of the week and remain focused on the 3-month $25,400 level as a potential target. However, a break above and sustained hold of the H12 external range high at $28,300 could prompt me to reevaluate my bias.
In the H1 chart, we have observed multiple market structure breaks in both directions. Given my bearish bias on the H12 chart, I will continue to seek short setups within the premium area of the H12 range. I will also closely monitor the 7-day $27,800 level, as reaching that level early in the week has the potential to trigger a reversal scenario. This could create an opportunity for a short trade towards the 3-month $25,400 level.
Wishing everyone successful trading and a wonderful week ahead.