Welcome to the Sunday update on Bitcoin and Hyblock.
Let’s begin with the Hyblock charts. The 3-month chart still indicates a significant liquidation level around $24,200, and the $32,000 area is gradually building up but has not yet turned yellow to indicate high levels. On the 7-day chart, we have levels below price ranging from $29,850 to $29,650, while there are no significant levels above price to consider.
Moving on to the Bitcoin charts, let’s start with the H12 Bitcoin chart. We formed a new range on Thursday after a market structure break and reached the Hyblock 1-month liquidation level at $31,700 before experiencing a sell-off and reaching the bottom of the range. We observed a swing failure pattern at the bottom range low inside a new H12 orderblock. Currently, we are holding inside that orderblock at the beginning of the week, and I anticipate a false move to the bottom before recovering some of the drop from last week.
Now, let’s look at the H1 chart. We noticed a market structure break on Saturday morning, but it closed as an H12 swing failure pattern. It’s important to keep in mind the higher time frame, even when analyzing lower time frames. The H1 chart does not provide clear indications in either direction. As mentioned earlier, if we experience a run below the lows at the start of the week followed by bullish H1 price action, I would consider a long position back into the H12 premium.
Please note that there are high-impact news releases scheduled for Monday, Tuesday, and Thursday this week.
Welcome to the Sunday update on Bitcoin and Hyblock.
Let’s begin with the Hyblock charts. The 3-month chart still indicates a significant liquidation level around $24,200, and the $32,000 area is gradually building up but has not yet turned yellow to indicate high levels. On the 7-day chart, we have levels below price ranging from $29,850 to $29,650, while there are no significant levels above price to consider.
Moving on to the Bitcoin charts, let’s start with the H12 Bitcoin chart. We formed a new range on Thursday after a market structure break and reached the Hyblock 1-month liquidation level at $31,700 before experiencing a sell-off and reaching the bottom of the range. We observed a swing failure pattern at the bottom range low inside a new H12 orderblock. Currently, we are holding inside that orderblock at the beginning of the week, and I anticipate a false move to the bottom before recovering some of the drop from last week.
Now, let’s look at the H1 chart. We noticed a market structure break on Saturday morning, but it closed as an H12 swing failure pattern. It’s important to keep in mind the higher time frame, even when analyzing lower time frames. The H1 chart does not provide clear indications in either direction. As mentioned earlier, if we experience a run below the lows at the start of the week followed by bullish H1 price action, I would consider a long position back into the H12 premium.
Please note that there are high-impact news releases scheduled for Monday, Tuesday, and Thursday this week.
Wishing everyone a successful trading week ahead!