The market structure is currently moving in an overall bullish trend, so I am following the “Trend Is Your Friend” concept while analyzing this setup.
First, the market successfully broke the previous high and then delivered a very strong bullish impulse move. However, in my view, the move looked slightly aggressive and potentially fake because the price pushed upward with a single strong candle.
After that move, the market created a clean W-Type Structure around the reversal area, which clearly shows buying pressure building inside the market. Because of this, I marked a small retesting zone where I am expecting the next important reaction.
What I’m Watching Now 👀
If the market comes back into the marked retesting zone and forms any bullish confirmation candle such as:
* Bullish Engulfing
* Strong Rejection Candle
* Any Positive Confirmation Pattern
then the market could continue moving toward the upside. 📈
At the same time, I have also marked a Crav Line, which can act as a rejection area. Because of that, there is still a possibility of a short pullback before the real continuation move begins.
Current Market View 🔥
As long as the reversal zone holds, the structure remains bullish for me. The reaction inside this zone will decide whether the market continues the trend or gives another fake move first.
Now the main thing is to watch how price reacts around the retesting zone. If buyers step in with proper confirmation, then BTC could continue pushing higher from this area.
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Concepts Used :
✅ High Breakout
✅ W-Type Structure
✅ Retesting Zone
✅ Crav Line Rejection
✅ Trend Is Your Friend
✅ MMC Concept
This analysis is based on the MMC concepts designed by Candle King. A huge amount of credit goes to him because his concepts have helped me understand market structure and reversal zones in a much clearer way.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.