Welcome to the Sunday update on Bitcoin and Hyblock.
Starting with the hyblock charts, I’ll be closely monitoring the 1-month and 7-day charts for the coming weeks. The 3-month chart has only one significant level below at $24,200, so let’s focus on the 1-month chart. Above price, there are two levels at $30,200 and $32,000, and below price, levels are at $28,200 and $26,400. The 7-day chart indicates a yellow zone above price at $32,250 and some approaching yellow zones below at $28,700 and $28,150.
Onto the Bitcoin chart, Bitcoin formed a new H12 range after the recent market structure break to the upside. We observed a sweep into a 7-day liquidation level at $28,800 before a notable bounce to the upside. I mentioned last week that I was anticipating false moves to start the week, and we did witness a sweep below followed by a bounce to the upside. Currently, we are inside an H12 bullish order block, and I’ll be closely watching for another possible downward spike into the 1-month liquidation level before a move higher seeking liquidity.
Now, moving into the H1 chart shows that we are currently in the discount zone of the H12 range, indicated by the blue zone in the Fibonacci tool. Notably, there’s buying pressure at these prices, as indicated by the wicks to the downside. Another spike below the H12 range lows at the beginning of the week is a possibility, and in that case, I’ll be looking for a bullish H1 long setup, similar to last week. There are significant untapped highs above, which could attract decent liquidity.
High Impact News: This week, we have high impact news on Thursday with CPI and Friday with PPI.
Welcome to the Sunday update on Bitcoin and Hyblock.
Starting with the hyblock charts, I’ll be closely monitoring the 1-month and 7-day charts for the coming weeks. The 3-month chart has only one significant level below at $24,200, so let’s focus on the 1-month chart. Above price, there are two levels at $30,200 and $32,000, and below price, levels are at $28,200 and $26,400. The 7-day chart indicates a yellow zone above price at $32,250 and some approaching yellow zones below at $28,700 and $28,150.
Onto the Bitcoin chart, Bitcoin formed a new H12 range after the recent market structure break to the upside. We observed a sweep into a 7-day liquidation level at $28,800 before a notable bounce to the upside. I mentioned last week that I was anticipating false moves to start the week, and we did witness a sweep below followed by a bounce to the upside. Currently, we are inside an H12 bullish order block, and I’ll be closely watching for another possible downward spike into the 1-month liquidation level before a move higher seeking liquidity.
Now, moving into the H1 chart shows that we are currently in the discount zone of the H12 range, indicated by the blue zone in the Fibonacci tool. Notably, there’s buying pressure at these prices, as indicated by the wicks to the downside. Another spike below the H12 range lows at the beginning of the week is a possibility, and in that case, I’ll be looking for a bullish H1 long setup, similar to last week. There are significant untapped highs above, which could attract decent liquidity.
High Impact News: This week, we have high impact news on Thursday with CPI and Friday with PPI.
Wishing everyone a successful trading week ahead!