$BTC My current HTF levels.
In my opinion, just from a market structure perspective, you can now make the case that the bottom is in, as we’re currently seeing the first real bottom pattern develop.
Now, three zones are extremely crucial.
The first zone is the main support between 61.3K and 62.2K, which is derived from a key S/R level and the lower boundary of the current range.
This area is especially important to hold throughout August to keep the upside scenario alive. If we break below it, I expect this month to close red.
The second support determines whether the bottom thesis remains valid or not.
It’s the zone between the left shoulder low and the low of the head, as these levels have to hold for the inverse head and shoulders pattern to remain valid.
Technically, the left shoulder low can be undercut, but in an ideal setup, the right shoulder should form at or above the left shoulder low.
The final zone is made up of two major resistance levels. A confirmed break above them could signal that the next bull market is likely beginning.
That breakout would also be my trigger for entering my first swing long, with a SL below the current bear market low. #BTC Price Analysis# #Macro Insights#
In my opinion, just from a market structure perspective, you can now make the case that the bottom is in, as we’re currently seeing the first real bottom pattern develop.
Now, three zones are extremely crucial.
The first zone is the main support between 61.3K and 62.2K, which is derived from a key S/R level and the lower boundary of the current range.
This area is especially important to hold throughout August to keep the upside scenario alive. If we break below it, I expect this month to close red.
The second support determines whether the bottom thesis remains valid or not.
It’s the zone between the left shoulder low and the low of the head, as these levels have to hold for the inverse head and shoulders pattern to remain valid.
Technically, the left shoulder low can be undercut, but in an ideal setup, the right shoulder should form at or above the left shoulder low.
The final zone is made up of two major resistance levels. A confirmed break above them could signal that the next bull market is likely beginning.
That breakout would also be my trigger for entering my first swing long, with a SL below the current bear market low. #BTC Price Analysis# #Macro Insights#