Welcome to the Sunday update on Bitcoin and Hyblock charts.
Let’s begin with the Hyblock charts. The 3-month chart still indicates a significant liquidation level around $24,200, and we are starting to observe the formation of a potential high level around $32,000, although it has not reached the yellow zone indicating high levels yet. On the 7-day chart, we have an interesting development with a growing liquidation area between $31,400 and $31,800, while below that we have $29,400.
Moving on to the Bitcoin chart, let’s start with the H12 chart. On Friday, we witnessed a market structure break, leading to the formation of a new H12 range. We tested the H12 low on Friday night and subsequently reached the H12 high on Monday night. Currently, we are hovering just below the H12 high, and if we close as a Swing Failure Patten(SFP), we could see a move back down to the lows if a lower timeframe (LTF) setup forms. Considering the presence of high liquidation levels above the price, it is likely that we head towards those levels before reversing to clear out some sell-side liquidity.
Turning to the H1 chart, it doesn’t provide strong indications for trading at the moment. As depicted by the yellow circles, we experienced a bounce from the H12 low, followed by a move towards the cleared H12 high. With news expected later in the week, we might witness sideways consolidation until then.
Welcome to the Sunday update on Bitcoin and Hyblock charts.
Let’s begin with the Hyblock charts. The 3-month chart still indicates a significant liquidation level around $24,200, and we are starting to observe the formation of a potential high level around $32,000, although it has not reached the yellow zone indicating high levels yet. On the 7-day chart, we have an interesting development with a growing liquidation area between $31,400 and $31,800, while below that we have $29,400.
Moving on to the Bitcoin chart, let’s start with the H12 chart. On Friday, we witnessed a market structure break, leading to the formation of a new H12 range. We tested the H12 low on Friday night and subsequently reached the H12 high on Monday night. Currently, we are hovering just below the H12 high, and if we close as a Swing Failure Patten(SFP), we could see a move back down to the lows if a lower timeframe (LTF) setup forms. Considering the presence of high liquidation levels above the price, it is likely that we head towards those levels before reversing to clear out some sell-side liquidity.
Turning to the H1 chart, it doesn’t provide strong indications for trading at the moment. As depicted by the yellow circles, we experienced a bounce from the H12 low, followed by a move towards the cleared H12 high. With news expected later in the week, we might witness sideways consolidation until then.
Wishing everyone a successful trading week ahead!