Welcome to the late Sunday update on Bitcoin and Hyblock.
Let’s start with the Hyblock charts. The 3-month chart remains unchanged, showing a significant level at $24,200, while no significant level has formed above the current price. On the 7-day chart, we had previously identified significant levels below price, and last week, we saw a bounce from the levels ranging from $29,850 to $29,650. The updated 7-day chart now presents significant levels from $28,600 to $28,800 below price, and a level at the $30,900 area above price.
Moving on to the Bitcoin chart, let’s review the H12 Bitcoin chart. We have formed a new H12 range with the price drop that occurred yesterday. Last week, we hit the 7-day Hyblock levels mentioned in the update, but the bounce was minimal, and price entered into a sideways consolidation. With the new H12 range and a bearish H12 orderblock above, I am watching for a potential run below the range lows to sweep the levels and close back inside the H12 range. This would prompt me to start looking for a long setup into the premium off the H12 range.
Now, let’s analyze the H1 chart. As mentioned in the last update, I was looking for a long setup on H1 if we experienced a sweep of the lows, which happened. However, the price then entered into a sideways consolidation, and I ended up closing my position just above breakeven. Currently, the H1 chart shows a significant price drop to start the week, indicating we are inside a bearish H12 range. Consequently, I am more inclined to short any bounce within the H12 bearish orderblock for continued downside movement until we establish a new bullish H12 range.
Please take note that there are high-impact news events this Thursday morning for Federal funds rate and Friday morning for the preferred metric for inflation for the Fed with the CORE PCE price index m/m.
Welcome to the late Sunday update on Bitcoin and Hyblock.
Let’s start with the Hyblock charts. The 3-month chart remains unchanged, showing a significant level at $24,200, while no significant level has formed above the current price. On the 7-day chart, we had previously identified significant levels below price, and last week, we saw a bounce from the levels ranging from $29,850 to $29,650. The updated 7-day chart now presents significant levels from $28,600 to $28,800 below price, and a level at the $30,900 area above price.
Moving on to the Bitcoin chart, let’s review the H12 Bitcoin chart. We have formed a new H12 range with the price drop that occurred yesterday. Last week, we hit the 7-day Hyblock levels mentioned in the update, but the bounce was minimal, and price entered into a sideways consolidation. With the new H12 range and a bearish H12 orderblock above, I am watching for a potential run below the range lows to sweep the levels and close back inside the H12 range. This would prompt me to start looking for a long setup into the premium off the H12 range.
Now, let’s analyze the H1 chart. As mentioned in the last update, I was looking for a long setup on H1 if we experienced a sweep of the lows, which happened. However, the price then entered into a sideways consolidation, and I ended up closing my position just above breakeven. Currently, the H1 chart shows a significant price drop to start the week, indicating we are inside a bearish H12 range. Consequently, I am more inclined to short any bounce within the H12 bearish orderblock for continued downside movement until we establish a new bullish H12 range.
Please take note that there are high-impact news events this Thursday morning for Federal funds rate and Friday morning for the preferred metric for inflation for the Fed with the CORE PCE price index m/m.
Wishing everyone a successful trading week ahead!