A clear break-down of why my higher time frame bias on BTCUSD is bullish and what needs to happen for me to re-evaluate that bias.
I'm showing the Daily and intraday price structures I'm looking at to trade. I hope you all can take something useful away from this analysis.
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TL;DR
Bullish above 6600, looking for longs on retraces.
First real evaluation of this bias comes at a 7.8k pivot structure.
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HTF bias (Daily)
We had some tight consolidation for two weeks between 6100-6600.
Consolidation leads to expansion, and since we broke the range to the upside cleanly, my higher timeframe bias is bullish. I will only be looking for long positions untill I either
A) re-evaluate price action at 7.8k pivot
B) we fail and move below 6600 again
As for important higher time frame resistances I'm looking to see how price reacts to 7.8k (red pivot) and 8.9k (blue pivot + buy stops). As mentioned before, untill then looking for longs on retraces.
Let's move onto some intraday price structures (4h) to see how we can break down price action in a trending market.
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Intraday (4h)
With BTC being bullish after the consolidation break-out shown on the Daily, we enter a phenomona that is very simple: ''Broken resistance turns support''
I know everyone traumatised by the bear market is having difficulty understanding pull-backs are actually healthy, and instead resort to claiming 150$ move down is gonna bring us to 5k.
However, as clearly demonstrated on the 4h here in a bull market we make higher highs and higher lows, and broken resistances can be retested as support.
Keep it simple, keep it clean.
Having said that, we are having an extended bearish divergence on OBV, and bulls have been far too comfortable past couple of days.
I expect a healthy pullback or stop-run soon, that I can trade to go long once confirmed. Remember, I'm longing bullish set-ups above 6600 ^-^
Keep up to date with me in the Ivory Mountain Discord, where I share my trades live and disclose what concrete set-ups I'm trading on this upcoming pullback.
----------------------------
Smash the like and follow button if you enjoyed this post!
Safe and happy trading everyone -@NielsvH
I'm showing the Daily and intraday price structures I'm looking at to trade. I hope you all can take something useful away from this analysis.
---
TL;DR
Bullish above 6600, looking for longs on retraces.
First real evaluation of this bias comes at a 7.8k pivot structure.
---
HTF bias (Daily)
We had some tight consolidation for two weeks between 6100-6600.
Consolidation leads to expansion, and since we broke the range to the upside cleanly, my higher timeframe bias is bullish. I will only be looking for long positions untill I either
A) re-evaluate price action at 7.8k pivot
B) we fail and move below 6600 again
As for important higher time frame resistances I'm looking to see how price reacts to 7.8k (red pivot) and 8.9k (blue pivot + buy stops). As mentioned before, untill then looking for longs on retraces.
Let's move onto some intraday price structures (4h) to see how we can break down price action in a trending market.
---
Intraday (4h)
With BTC being bullish after the consolidation break-out shown on the Daily, we enter a phenomona that is very simple: ''Broken resistance turns support''
I know everyone traumatised by the bear market is having difficulty understanding pull-backs are actually healthy, and instead resort to claiming 150$ move down is gonna bring us to 5k.
However, as clearly demonstrated on the 4h here in a bull market we make higher highs and higher lows, and broken resistances can be retested as support.
Keep it simple, keep it clean.
Having said that, we are having an extended bearish divergence on OBV, and bulls have been far too comfortable past couple of days.
I expect a healthy pullback or stop-run soon, that I can trade to go long once confirmed. Remember, I'm longing bullish set-ups above 6600 ^-^
Keep up to date with me in the Ivory Mountain Discord, where I share my trades live and disclose what concrete set-ups I'm trading on this upcoming pullback.
----------------------------
Smash the like and follow button if you enjoyed this post!
Safe and happy trading everyone -@NielsvH