BITCOIN Breakdown of Whats Going On - 06/02/2024
Hello everyone,
I have to update on update of previous post, to break it down little clearer for some of you, to explain why RIGHT NOW Im very causious...
For that purpose Im going from Highier to Lower timeframes, to get clearer picture of what is the MOST possible at this moment..
So, If we go from 5Day to 4h timeframe, its clearly to see that we are "stucked" in consolidation of last 5D candle, which was our "top" of 2023 and we are in process of "accumulation/distribution" either shorts/longs before moving further (as stated yesterday, longer we stay highier, chance of continuation of going highier increasing)...
So as you know, I WAS of opinion, that we should go lower to swept Sellside liquidity, before moving further... but since FED meeting changed nothing, I HAVE TO stick with my Highier TimeFrame perspective...
And thats it, as presented in Q1 update - Due to previous experience in similar market conditions I should suggest that until nothing change & FED start cutting rates, market will move Highier with Time until this change come!
Breakdown :
5 DAY -
to
1 Day -
On 1Day, we can see much better, that we first swept Buyside liquidity of that 1st Rectangle consolidation, before we processed to swept Sellside liquidity... BUT NOW, we came EXACTLY BACK where we WAS, which SHOULDNT be CASE if we continuing LOWER with confidence...
So, we HAVE TO go to 4hr, to make "better and clearer" guess of whats happening...
4h -
So , I added 1 more layer of rectange... which is LAST WEEK RANGE...
You can see, its relatively tight with its own "consolidation" (i put green cut line between for better visibility)... and YESTERDAY, we firstly swept highs, then lows and now we proceeding to going back up.. in this case, IF WE ARE ABLE to MOVE ABOVE that FED HIGH I would expect with high probability of moving further up, ONCE WE GET ABOVE OUR CONSOLIDATION BOX, both of them!
-- One more 4hr chart with SMA , which I do not use as "trading tool", but in my obsertvation-> When they are stacked like now and we moving in tight range in same time.. WHEN Price BREAK above/under them with "test" - in most cases it continuos in that direction for pro-longed period of time.
Hopefully, this helps some of you with your perception of market.
If YES, please consider liking or sharing this post, it would mean a lot for me. Thanks
Joe
I have to update on update of previous post, to break it down little clearer for some of you, to explain why RIGHT NOW Im very causious...
For that purpose Im going from Highier to Lower timeframes, to get clearer picture of what is the MOST possible at this moment..
So, If we go from 5Day to 4h timeframe, its clearly to see that we are "stucked" in consolidation of last 5D candle, which was our "top" of 2023 and we are in process of "accumulation/distribution" either shorts/longs before moving further (as stated yesterday, longer we stay highier, chance of continuation of going highier increasing)...
So as you know, I WAS of opinion, that we should go lower to swept Sellside liquidity, before moving further... but since FED meeting changed nothing, I HAVE TO stick with my Highier TimeFrame perspective...
And thats it, as presented in Q1 update - Due to previous experience in similar market conditions I should suggest that until nothing change & FED start cutting rates, market will move Highier with Time until this change come!
Breakdown :
5 DAY -
to
1 Day -
On 1Day, we can see much better, that we first swept Buyside liquidity of that 1st Rectangle consolidation, before we processed to swept Sellside liquidity... BUT NOW, we came EXACTLY BACK where we WAS, which SHOULDNT be CASE if we continuing LOWER with confidence...
So, we HAVE TO go to 4hr, to make "better and clearer" guess of whats happening...
4h -
So , I added 1 more layer of rectange... which is LAST WEEK RANGE...
You can see, its relatively tight with its own "consolidation" (i put green cut line between for better visibility)... and YESTERDAY, we firstly swept highs, then lows and now we proceeding to going back up.. in this case, IF WE ARE ABLE to MOVE ABOVE that FED HIGH I would expect with high probability of moving further up, ONCE WE GET ABOVE OUR CONSOLIDATION BOX, both of them!
-- One more 4hr chart with SMA , which I do not use as "trading tool", but in my obsertvation-> When they are stacked like now and we moving in tight range in same time.. WHEN Price BREAK above/under them with "test" - in most cases it continuos in that direction for pro-longed period of time.
Hopefully, this helps some of you with your perception of market.
If YES, please consider liking or sharing this post, it would mean a lot for me. Thanks
Joe
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