#analysis 51 - Analysis on Structure

21 jul 2022

So far BTC reached a "+" bar just like few days ago, which can be recognized as reversal bar.

21 jul 2022

Nota

A resistance is above and yet untapped. So from this perspective, it's still having chance to go up.

21 jul 2022

Nota

Now there's still one OB up above, and now price is into the FVG. As the price has consolidated down below the FVG, I expect it to fill lower part of the FVG.

21 jul 2022

Nota

If we choose the high-volume bar, we can see the bar has rejected the price, and then the price moved back.

21 jul 2022

Nota

If we check the price action down below, it's worth noticing that the price has never grabbed the liquidity , which is very important for the future rise of the price. From this, I can say it would be hard for the market to go up since the price cannot do it without liquidity, or the money.

21 jul 2022

Nota

Also, we can say it didn't create a solid consolidation for the price to build position which should be "low enough".

21 jul 2022

Nota

If you check the history on Jan to May, we can see that the trend is up, but it still lacked lq to move up.

21 jul 2022

Nota

Also, from May to Jun, similar pattern happened again.

21 jul 2022

Nota

For the major trend, which is down, and past patterns, I would say it's still not pretty good to buy spot or long here. Right now it's better wait and watch how it gonna play here.