Last weeks high: $42827.56
Last weeks low: $40677.38
Midpoint: $38527.20
As the first month of 2024 nears its end BITCOIN finds itself back above 40K after spending half of lasts week below the big even level.
There are 3 main FVG's I have my eye on:
- At the previous weeks MIDPOINT level 40.5K (1H)
- The drop from 49K has left a large FVG at 45.5K (4H)
- The daily FVG at 33K (1D)
Price tends to get pulled and pushed towards these areas of imbalance. HTF imbalances have the largest force of attraction so in this case the 33K daily FVG is the main target in my opinion, and there are many possible routes to this destination.
As it stands BTC is above both 40.5K & 33K FVG's and ideally we would need to retest these areas before progressing towards ATH's post halving which would also mean clearing the 45.5K FVG on the way back up. For me this is how I think it will play out however if BTC pushes towards 45.5K first I will also be prepared for this move.
For this week I'm concentrating on how BTC regains its strength and if price were to reach the 45.5K FVG, I would think about taking any profits from the recent move should BTC look weak, as I have said that 33K area is calling out to be revisited in my opinion.
Last weeks low: $40677.38
Midpoint: $38527.20
As the first month of 2024 nears its end BITCOIN finds itself back above 40K after spending half of lasts week below the big even level.
There are 3 main FVG's I have my eye on:
- At the previous weeks MIDPOINT level 40.5K (1H)
- The drop from 49K has left a large FVG at 45.5K (4H)
- The daily FVG at 33K (1D)
Price tends to get pulled and pushed towards these areas of imbalance. HTF imbalances have the largest force of attraction so in this case the 33K daily FVG is the main target in my opinion, and there are many possible routes to this destination.
As it stands BTC is above both 40.5K & 33K FVG's and ideally we would need to retest these areas before progressing towards ATH's post halving which would also mean clearing the 45.5K FVG on the way back up. For me this is how I think it will play out however if BTC pushes towards 45.5K first I will also be prepared for this move.
For this week I'm concentrating on how BTC regains its strength and if price were to reach the 45.5K FVG, I would think about taking any profits from the recent move should BTC look weak, as I have said that 33K area is calling out to be revisited in my opinion.
We are now between the previous weeks midpoint and the bullish target of 44.5k so for me this is a no trade zone until we find a trending direction. This is where traders lose money trying to trade the chop. Time to be patient for a bit.
In terms of altcoins this could give them time to regain some of their recent losses, a lot of charts look to have LTF-MTF setups. However that can easily wiped out by a BTC selloff.