$BTC That sudden push up on the 15-minute chart just now was a bit unexpected. After dropping to around 75,000 at midday, the price quickly bounced back. It closed above the previous swing high, forming an upward CHoCH. The downward BOS from the morning’s selloff stalled here.
The short-term structure shifted from bearish to bullish. The 15-minute chart formed a bullish engulfing candle, with both the lows and highs moving higher. The subsequent 5-minute chart also formed an upward BOS.
Buy orders pushed the price all the way back to around 77,000, disrupting the bears’ momentum. On the higher time frame, the midday low landed right at the support level of the daily candle at 76,000. This low had been tested four times before without breaking.
The 4-hour chart still has a bearish moving-average alignment, but the bears have run out of steam at this level. Buyers on the higher time frame are showing strong initiative here.
I’m leaning bullish now. The lower edge of the daily range has caught this morning’s selloff, and the lower time frame has also formed a reversal structure. I expect the market to stabilize around the current level first, then move higher in a rebound.
The short-term structure shifted from bearish to bullish. The 15-minute chart formed a bullish engulfing candle, with both the lows and highs moving higher. The subsequent 5-minute chart also formed an upward BOS.
Buy orders pushed the price all the way back to around 77,000, disrupting the bears’ momentum. On the higher time frame, the midday low landed right at the support level of the daily candle at 76,000. This low had been tested four times before without breaking.
The 4-hour chart still has a bearish moving-average alignment, but the bears have run out of steam at this level. Buyers on the higher time frame are showing strong initiative here.
I’m leaning bullish now. The lower edge of the daily range has caught this morning’s selloff, and the lower time frame has also formed a reversal structure. I expect the market to stabilize around the current level first, then move higher in a rebound.
