Welcome to the Sunday update on Bitcoin and Hyblock.
Let’s begin with the Hyblock charts. The 3-month chart remains consistent with a significant liquidation level around $24,200, while the $32,000 area is still building up, yet to turn yellow indicating high levels. I have included the 1-month chart to show that the level around $31,700 is a high liquidation area gradually forming. I expect the 3-month chart to display yellow zones in that area soon. On the 7-day chart, there are two levels building below price at $29,600 (recent wick from Friday) and $29,200 (wick from June 30th). Above price, there are no yellow zones, but levels around $30,750 and $31,350 still exist.
Moving on to the Bitcoin chart, let’s start with the H12 chart. We are still within the range that formed last week. We hit the range high on Monday, returned to it on Thursday, and swept all the highs above, closing with a swing failure pattern back inside the range. Currently, we are at the bottom of the H12 range.
Now, let’s analyze the H1 chart. We observed a market structure break on Thursday following a high-impact news release. If price bounces this week, I would consider shorting at the H12 range highs marked by the yellow circle. However, if price continues to decline and sweeps the lows mentioned in the Hyblock 7-day chart then establishing bullish structure, I would look for a long position.
Keep in mind that there are high-impact news events scheduled for Wednesday and Thursday this week.
Welcome to the Sunday update on Bitcoin and Hyblock.
Let’s begin with the Hyblock charts. The 3-month chart remains consistent with a significant liquidation level around $24,200, while the $32,000 area is still building up, yet to turn yellow indicating high levels. I have included the 1-month chart to show that the level around $31,700 is a high liquidation area gradually forming. I expect the 3-month chart to display yellow zones in that area soon. On the 7-day chart, there are two levels building below price at $29,600 (recent wick from Friday) and $29,200 (wick from June 30th). Above price, there are no yellow zones, but levels around $30,750 and $31,350 still exist.
Moving on to the Bitcoin chart, let’s start with the H12 chart. We are still within the range that formed last week. We hit the range high on Monday, returned to it on Thursday, and swept all the highs above, closing with a swing failure pattern back inside the range. Currently, we are at the bottom of the H12 range.
Now, let’s analyze the H1 chart. We observed a market structure break on Thursday following a high-impact news release. If price bounces this week, I would consider shorting at the H12 range highs marked by the yellow circle. However, if price continues to decline and sweeps the lows mentioned in the Hyblock 7-day chart then establishing bullish structure, I would look for a long position.
Keep in mind that there are high-impact news events scheduled for Wednesday and Thursday this week.
Wishing everyone a successful trading week ahead!