Hello friends. Today I prepared a very detailed "medium term" bitcoin analysis. I just started on the daily and weekly chart. Let's see what's in the details together.
First, we see that it is in an uptrend, leaving HL (Higher low) and HH (higher high) after a long decline on the daily chart. Everyone already knows that I will look for shorts in the 30000 - 32000 band. When the price comes back for retest after the last drop, we see that it is rejected again from the same region. Since this movement, which started from 26957, could not bring a new high, 26957, which is the starting point of the movement, is at the potential target position. However, if the 26500 level just below is violated (which I think will be violated), the market structure will be damaged, so we can first see free falls until the FTR block in the 25277 - 24279 area below. Why do I say free fall? Because there is an untested imbalance between 26500 and these levels. The market maker is aware of this gap and will want to take the stops here to get fuel for itself. In the sequel, this FTR area will react to the price, but in my opinion, this bearish will not go beyond the retest. Because there is a clean order block below, which I will talk about in the weekly analysis. Between 22500 - 22000. After this retracement, I am waiting for the untested "Order FLow" area in the 37150 - 47000 range, which actually broke the market structure after the retracement, after 30000 - 32000, respectively. This area will be a retest of the peak in the big picture to me and there will be a lot of volumes in the market. It's a risky area. You can see my analysis in the small daily chart image on the chart.
Now let's see what the weekly chart tells us.
As we all know, an order block was formed in the area of 16282 - 15450 after the big decline in the week, and after the retesting of these levels, the market evolved as a bullish in the internal structure. After taking the stops of the 25200 level, which served as a strong resistance for that time, put a "Choch" or "Msb" movement and after the bitcoin pullback, it gained volume and rose up to the 31000 levels. Currently 30000 - 32000 level is still very strong because this area has worked very strongly in the past. For this reason, it seems quite difficult to pass alone for now.
The price received rejection again from the 30-32k band. And you will notice that their volumes are noticeably reduced. This means that this uptrend is not supported from behind. Then we have to wait for the price to pull back and we have to put the shorts in a corner of our minds. As can be clearly seen in the graph, there is an untested area from 26500 to 22000 levels. The weak volume and the rejection of the price at the same level once again strengthen the pullback card for me.
With this withdrawal, the order block level in the 22500 - 22000 area or its relatives will start to rise again with the test, respectively. 30000 - 32000. Untested order flow in the 37160 - 47400 area, where the apocalypse was triggered.
Thank you #OKXIDEAS
First, we see that it is in an uptrend, leaving HL (Higher low) and HH (higher high) after a long decline on the daily chart. Everyone already knows that I will look for shorts in the 30000 - 32000 band. When the price comes back for retest after the last drop, we see that it is rejected again from the same region. Since this movement, which started from 26957, could not bring a new high, 26957, which is the starting point of the movement, is at the potential target position. However, if the 26500 level just below is violated (which I think will be violated), the market structure will be damaged, so we can first see free falls until the FTR block in the 25277 - 24279 area below. Why do I say free fall? Because there is an untested imbalance between 26500 and these levels. The market maker is aware of this gap and will want to take the stops here to get fuel for itself. In the sequel, this FTR area will react to the price, but in my opinion, this bearish will not go beyond the retest. Because there is a clean order block below, which I will talk about in the weekly analysis. Between 22500 - 22000. After this retracement, I am waiting for the untested "Order FLow" area in the 37150 - 47000 range, which actually broke the market structure after the retracement, after 30000 - 32000, respectively. This area will be a retest of the peak in the big picture to me and there will be a lot of volumes in the market. It's a risky area. You can see my analysis in the small daily chart image on the chart.
Now let's see what the weekly chart tells us.
As we all know, an order block was formed in the area of 16282 - 15450 after the big decline in the week, and after the retesting of these levels, the market evolved as a bullish in the internal structure. After taking the stops of the 25200 level, which served as a strong resistance for that time, put a "Choch" or "Msb" movement and after the bitcoin pullback, it gained volume and rose up to the 31000 levels. Currently 30000 - 32000 level is still very strong because this area has worked very strongly in the past. For this reason, it seems quite difficult to pass alone for now.
The price received rejection again from the 30-32k band. And you will notice that their volumes are noticeably reduced. This means that this uptrend is not supported from behind. Then we have to wait for the price to pull back and we have to put the shorts in a corner of our minds. As can be clearly seen in the graph, there is an untested area from 26500 to 22000 levels. The weak volume and the rejection of the price at the same level once again strengthen the pullback card for me.
With this withdrawal, the order block level in the 22500 - 22000 area or its relatives will start to rise again with the test, respectively. 30000 - 32000. Untested order flow in the 37160 - 47400 area, where the apocalypse was triggered.
Thank you #OKXIDEAS