Upon examining the higher timeframe charts for BTC, there are indications of a shift in order flow, particularly on the daily chart. The price action has involved sweeping the highs while leaving the lows untouched. This pattern suggests a potential for further downside movement now that the highs have been cleared.
If we observe a close below my Market Structure Shift (MSS) line, I’ll be particularly attentive. Any subsequent bounce back above this level would prompt me to consider shorting into the weekly fair value gap (FVG) around the $59,000 area. However, if we fail to hold this area, which, in my assessment, would still position us in a premium range relative to the weekly timeframe, then targeting levels below $50,000 could be opportune.
Bitcoin Analysis:
Upon examining the higher timeframe charts for BTC, there are indications of a shift in order flow, particularly on the daily chart. The price action has involved sweeping the highs while leaving the lows untouched. This pattern suggests a potential for further downside movement now that the highs have been cleared.
If we observe a close below my Market Structure Shift (MSS) line, I’ll be particularly attentive. Any subsequent bounce back above this level would prompt me to consider shorting into the weekly fair value gap (FVG) around the $59,000 area. However, if we fail to hold this area, which, in my assessment, would still position us in a premium range relative to the weekly timeframe, then targeting levels below $50,000 could be opportune.