Last weeks high: $74,052.14
Last weeks low: $65,257.85
Midpoint: $69,654.99
Last week BTC swept the $74,000 supply zone after a strong midweek rally, however in true bear market fashion the rally was short lived and the overall HTF momentum pushed BTC back down towards the chop zone between $68,000.
That retrace has left some target areas for the bulls this week to attempt some mean reversion moves towards. The midpoint as always is a key pivot point but this week it also has an inefficiency zone and key high placed there.
Also a very small inefficiency zone at 0.75 line would be a key target as the breakdown towards $68,000 happened just under that level. Due to that plenty of Stop losses will be placed there by traders shorting as it would be perceived as a "safe stop" making it the perfect long target area.
From a HTF perspective the pull is still to the downside for now, I am not satisfied that the base/chop has taken place for long enough to have sellers exhausted yet, the moving averages are still very much trending strongly and therefor resistance levels not necessarily ready to be flipped and act as support.
I do think that sentiment changes if price is accepted above weekly high, that would be a new higher high and higher low and therefor a much more appealing structure.
Last weeks low: $65,257.85
Midpoint: $69,654.99
Last week BTC swept the $74,000 supply zone after a strong midweek rally, however in true bear market fashion the rally was short lived and the overall HTF momentum pushed BTC back down towards the chop zone between $68,000.
That retrace has left some target areas for the bulls this week to attempt some mean reversion moves towards. The midpoint as always is a key pivot point but this week it also has an inefficiency zone and key high placed there.
Also a very small inefficiency zone at 0.75 line would be a key target as the breakdown towards $68,000 happened just under that level. Due to that plenty of Stop losses will be placed there by traders shorting as it would be perceived as a "safe stop" making it the perfect long target area.
From a HTF perspective the pull is still to the downside for now, I am not satisfied that the base/chop has taken place for long enough to have sellers exhausted yet, the moving averages are still very much trending strongly and therefor resistance levels not necessarily ready to be flipped and act as support.
I do think that sentiment changes if price is accepted above weekly high, that would be a new higher high and higher low and therefor a much more appealing structure.
Note
Midpoint has been reclaimed by the bulls although I'm not completely satisfied we've seen the last of that level this week. A retest as support would still make sense here.BTC gets interesting for the bulls above 0.75 should price reclaim the level.
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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.