🚨 BTC Market Update
Weekly Chart: BTC has not yet broken the previously discussed Weekly High. If it fails to break it this week, a short-term correction could occur.
Bullish Confirmation: A strong bullish confirmation would come if BTC breaks and closes above both the Weekly High and Weekly 50 MA.
1H Chart: The triangle pattern has broken to the downside, and price is currently retesting the breakdown area. If the retest fails and price does not close back inside the triangle, a short-term Short opportunity may appear.
Risk Management: Lower-timeframe RSI (15M/30M) has already cooled down, so caution is needed. Since the overall trend remains bullish, a Stop Loss is essential.
Long Position: No Long position for now. It may be better to wait for a major support zone or a bullish divergence on the 15M chart.
Deep Correction: A larger correction could potentially reach the Golden Pocket + Daily 200 SMA area. If both levels break to the downside, the risk of a new low increases significantly.
Wyckoff Scenario: A possible Wyckoff Accumulation pattern may be developing on the Daily chart. A Lower High below the AR level, combined with Weekly RSI bearish divergence, would increase the probability of this scenario.
🔥 Bottom Line
Short-term: Monitor the 1H retest for a possible Short setup.
Long-term: Wait for stronger bullish confirmation above the Weekly High + Weekly 50 MA or a strong reaction from major support.
$BTC
Weekly Chart: BTC has not yet broken the previously discussed Weekly High. If it fails to break it this week, a short-term correction could occur.
Bullish Confirmation: A strong bullish confirmation would come if BTC breaks and closes above both the Weekly High and Weekly 50 MA.
1H Chart: The triangle pattern has broken to the downside, and price is currently retesting the breakdown area. If the retest fails and price does not close back inside the triangle, a short-term Short opportunity may appear.
Risk Management: Lower-timeframe RSI (15M/30M) has already cooled down, so caution is needed. Since the overall trend remains bullish, a Stop Loss is essential.
Long Position: No Long position for now. It may be better to wait for a major support zone or a bullish divergence on the 15M chart.
Deep Correction: A larger correction could potentially reach the Golden Pocket + Daily 200 SMA area. If both levels break to the downside, the risk of a new low increases significantly.
Wyckoff Scenario: A possible Wyckoff Accumulation pattern may be developing on the Daily chart. A Lower High below the AR level, combined with Weekly RSI bearish divergence, would increase the probability of this scenario.
🔥 Bottom Line
Short-term: Monitor the 1H retest for a possible Short setup.
Long-term: Wait for stronger bullish confirmation above the Weekly High + Weekly 50 MA or a strong reaction from major support.
$BTC