Bitcoin High Time Frame Plan - 12.07.2024

12 ก.ค.

Hello TradingView Community 👋

A lot of uncertainty in the crypto market currently, therefore it is best to stay alert and open for any possible outcome. I want to present to of those scenarios here:

🚀 Bullish Scenario:
In the bullish scenario for Bitcoin, the plan is straightforward. First, the price needs to trade through the daily Fair Value Gap (FVG) and Balanced Price Range (BPR), which means Bitcoin should fill the existing price gap created by rapid price movements. Next, Bitcoin must reclaim the value area, indicating that the price rises above the region where significant trading volume has occurred previously, restoring confidence among market participants for higher prices. An essential step would then be to break the market structure on the daily chart (COS).

After breaking the market structure, a retest of the value area low should occur to confirm this area now acts as support. Finally, in this scenario, Bitcoin would run to equal highs and establish new all-time highs (ATH), signifying a strong upward movement. 💰

💣 Bearish Scenario:
In the bearish scenario, if Bitcoin fails to trade through the daily FVG & BPR and gets rejected at the value area low, it would indicate weakness. If this rejection occurs, the next move would likely be a decline to a new low, targeting the 50k level. This would suggest a significant downward trend and caution among traders.

We keep our position from 55236$ open 👍
👇👇