A small break and regain of market structure was printed on the 4hr timeframe. The market structure shown isn’t necessarily the strongest pattern, but often these small ideas of strength can lead to larger moves.
If this bear trap holds true, I would be watching for BTC to retest 25.5k before beginning to make a move higher, into the region shown in the chart below:
The specific target I would like to see hit is 28.4k, as this aligns with an area of open interest that did not get closed with the recent impulse move from BTC. Additionally, this price would put BTC right into the golden pocket retracement from its recent ~32k highs.
A small break and regain of market structure was printed on the 4hr timeframe. The market structure shown isn’t necessarily the strongest pattern, but often these small ideas of strength can lead to larger moves.
If this bear trap holds true, I would be watching for BTC to retest 25.5k before beginning to make a move higher, into the region shown in the chart below:
The specific target I would like to see hit is 28.4k, as this aligns with an area of open interest that did not get closed with the recent impulse move from BTC. Additionally, this price would put BTC right into the golden pocket retracement from its recent ~32k highs.