Starting with the Hyblock charts, we have finally reached the level I’ve been monitoring for the past month on the 3-month chart. We had a favorable reaction below that level at the start of last week. Currently, I’m still keeping an eye on that level as there are significant liquidity levels below the low formed last week. The 7-day chart doesn’t provide much direction, so I’ll primarily focus on the 3-month chart until the 7-day chart starts showing clearer signals.
Moving on to the Bitcoin charts: The H12 chart has established a new range since the previous week’s update. We experienced a sell-off at the beginning of last week, breaking below the Hyblock 3-month chart level at $25,400. However, we witnessed a strong bounce to the H12 bearish order block, followed by a gradual sell-off returning to the lows around $25,300. Initially, I anticipated a deeper dig into those lows to hit more liquidation levels before a significant bounce. But the lack of a substantial rebound after the second sweep of the range low leads me to believe that this week, with high-impact news on the horizon, we might witness another sweep of the lows before a bounce fueled by positive news later in the week.
The H1 chart doesn’t provide significant insights at the moment. We are still clearly in a bearish downtrend, with price slowly grinding sideways downward. We had a lows sweep over the weekend followed by a bounce, but the move fully retraced, resulting in sideways movement within the weekend range. I’ll closely monitor the lows this week and observe how price reacts in light of the upcoming high-impact news.
Wishing everyone successful trading and a wonderful week ahead!
The Sunday update on Bitcoin and Hyblock charts:
Starting with the Hyblock charts, we have finally reached the level I’ve been monitoring for the past month on the 3-month chart. We had a favorable reaction below that level at the start of last week. Currently, I’m still keeping an eye on that level as there are significant liquidity levels below the low formed last week. The 7-day chart doesn’t provide much direction, so I’ll primarily focus on the 3-month chart until the 7-day chart starts showing clearer signals.
Moving on to the Bitcoin charts: The H12 chart has established a new range since the previous week’s update. We experienced a sell-off at the beginning of last week, breaking below the Hyblock 3-month chart level at $25,400. However, we witnessed a strong bounce to the H12 bearish order block, followed by a gradual sell-off returning to the lows around $25,300. Initially, I anticipated a deeper dig into those lows to hit more liquidation levels before a significant bounce. But the lack of a substantial rebound after the second sweep of the range low leads me to believe that this week, with high-impact news on the horizon, we might witness another sweep of the lows before a bounce fueled by positive news later in the week.
The H1 chart doesn’t provide significant insights at the moment. We are still clearly in a bearish downtrend, with price slowly grinding sideways downward. We had a lows sweep over the weekend followed by a bounce, but the move fully retraced, resulting in sideways movement within the weekend range. I’ll closely monitor the lows this week and observe how price reacts in light of the upcoming high-impact news.
Wishing everyone successful trading and a wonderful week ahead!