Welcome to the Sunday update on Bitcoin and Hyblock charts.
Let’s start with the Hyblock 7-day and 3-month charts. Last week, we reached and exceeded the $27,800 level, briefly touching $28,000 before experiencing a sell-off. Currently, the 7-day chart shows notable levels around $28,100 and $27,500. Keep an eye on these levels for any potential upward movement. The 3-month chart continues to emphasise the significant $25,400 level, which becomes more important the longer we stay away from it. Expect significant price movement when we eventually reach that level.
Moving on to the H12 and H1 Bitcoin charts, the H12 chart remains within the range of $25,700 to $28,500. Last week, we swept the range high before selling off. Aligning the 3-month Hyblock chart with the H12 Bitcoin chart suggests that selling pressure may continue, leading us towards the range lows where substantial liquidity levels exist.
The H1 chart clearly indicates a downward trend. Since the H12 range high, we have consistently formed lower lows and lower highs. Based on this pattern, I will continue adding to my short positions on well-defined setups until we observe a shift towards bullish market structure or a sweep of the H12 range lows. If the latter occurs, I will consider potential reasons to enter long positions in that area.
Welcome to the Sunday update on Bitcoin and Hyblock charts.
Let’s start with the Hyblock 7-day and 3-month charts. Last week, we reached and exceeded the $27,800 level, briefly touching $28,000 before experiencing a sell-off. Currently, the 7-day chart shows notable levels around $28,100 and $27,500. Keep an eye on these levels for any potential upward movement. The 3-month chart continues to emphasise the significant $25,400 level, which becomes more important the longer we stay away from it. Expect significant price movement when we eventually reach that level.
Moving on to the H12 and H1 Bitcoin charts, the H12 chart remains within the range of $25,700 to $28,500. Last week, we swept the range high before selling off. Aligning the 3-month Hyblock chart with the H12 Bitcoin chart suggests that selling pressure may continue, leading us towards the range lows where substantial liquidity levels exist.
The H1 chart clearly indicates a downward trend. Since the H12 range high, we have consistently formed lower lows and lower highs. Based on this pattern, I will continue adding to my short positions on well-defined setups until we observe a shift towards bullish market structure or a sweep of the H12 range lows. If the latter occurs, I will consider potential reasons to enter long positions in that area.
Wishing everyone a successful trading week ahead!