btc rally inbound?
here we have the daily on btc which is looking very bullish at the moment in respect to recent movements. so lets dive in and do a full break down!
first thing first lets look at the higher timeframes starting with the total crypto mcap to cross reference the overall market health and projection alongside with btc for a better sense of direction
https://www.tradingview.com/x/0ubJ8BUt/ total crypto cap
taking a look the key points on the weekly are
1. the weekly jefe pattern thats in play if this is to hold this will be the leading indicator for a market shift and even possible reversal
2. the weekly liquidity was cleared around 800b but be mindful that the weekly open is around 550b mcap this as my market rules al opens must get hit so this week will be very important to
watch.
3. we have a weekly liquidity grab that held above the 50% wick level as seen on the charts and also a swing low forming. if the swing low is to stay in tact the we should see higher prices with the first target being 921b next
1T and third being waaaay out of the way but still possible is 1.2T
NEXT UP DAILY
Looking at the daily key take aways are
1. the open at 817B held and formed a swing low right after which is what you would look for in a market shift/ reversal.
2. there is a swing high with an daily open at 947B which is likely the target if the swing low is to stay in tact from. also you can see a build up of buy side liquidity for possibly lower target later to come around the 800B level. with this build up of liquidity the market is likely to rally to intice retail and dumb money to place pending orders around these levels to draw more liquidity in.
3 . built up liquidity at the weekly open and daily open of 1.25T taking note of this if the market is able to continue up this will be the next stop. there is also some liquidity above 947B level i wouldnt be surprised to see some type of grab around these levels
NEXT UP THE KING BTC
the weekly key take aways are
1. the weekly open was hit and being reacted off at 18.1 area with a possible jefe pattern plus a swing low setting up. if the week is to close bullish this is very good if your looking for higher prices with btc and the broader market.
2. there is a 1w open at 21.3 area which will probably get hit this week i will be looking to see what type of reaction is to come off this level. if price is to sustain its trend and broke through then the next target 29k which is the weekly open with a swing high siting right above these levels . also note that there is a lot of liquidity at the sub 10k levels and an open at 11k so if price is to fail i would look for such prices.
THE DAILY ( LOST PIC )
key areas are 21.4 with swing locked in at the 18.5k mark . this is good to see for bullish narrative . the first target is 21.4 open if price is able to keep its trend the next target would be 30k with lots of liquidity built up above from the consolidation at this area. if prices where to fall there is an open at 15k which would be the next target for bears.
lastly lets look at spx since btc is heavily intertwined with the stock market
this pic is a lil bit sloppier but breakdown is
1. spx has hit a key daily open and now has set a swing low 3650 level and to continue the bullish trend it tested the open at 37.5 which held. once again this is what bulls should want to see and look for . as a bonus spx has jsut set a 2lo pattern 37.8 also a very bullish pattern to see. bonus spx moved off the 72 retracement level
2. the upwards target should be 3900 as this is where the next daily open is. it has a 4hr 50 ine level at 3886 this could possibly be the first test for the bulls. if they can win that fight then next up is 39.5. finally if all goes well the last target would be to test the open at 4125 due to the open/ consolidation, and the 4hr 3 drives at these levels
ALL IN ALL the broad markets are looking healthy and clean for what could be a relief rally bull trap or a market shift at this current moment i am temporarily bullish untill the higher targets get hit. long term i am still bearish as i see much liquidity left at the sub10k levels for btc. but because how intertwined the markets are i wouldnt be surprised if btc was able to piggy back off the stock market and follow suit , since spx has hit a nice level and is looking like its gearing up to run. my final thoughts are that we should be able to run for atleast a week or two with ease before we see the next major moves so trade safely !
first thing first lets look at the higher timeframes starting with the total crypto mcap to cross reference the overall market health and projection alongside with btc for a better sense of direction
https://www.tradingview.com/x/0ubJ8BUt/ total crypto cap
taking a look the key points on the weekly are
1. the weekly jefe pattern thats in play if this is to hold this will be the leading indicator for a market shift and even possible reversal
2. the weekly liquidity was cleared around 800b but be mindful that the weekly open is around 550b mcap this as my market rules al opens must get hit so this week will be very important to
watch.
3. we have a weekly liquidity grab that held above the 50% wick level as seen on the charts and also a swing low forming. if the swing low is to stay in tact the we should see higher prices with the first target being 921b next
1T and third being waaaay out of the way but still possible is 1.2TNEXT UP DAILY
Looking at the daily key take aways are
1. the open at 817B held and formed a swing low right after which is what you would look for in a market shift/ reversal.
2. there is a swing high with an daily open at 947B which is likely the target if the swing low is to stay in tact from. also you can see a build up of buy side liquidity for possibly lower target later to come around the 800B level. with this build up of liquidity the market is likely to rally to intice retail and dumb money to place pending orders around these levels to draw more liquidity in.
3 . built up liquidity at the weekly open and daily open of 1.25T taking note of this if the market is able to continue up this will be the next stop. there is also some liquidity above 947B level i wouldnt be surprised to see some type of grab around these levels
NEXT UP THE KING BTC
the weekly key take aways are
1. the weekly open was hit and being reacted off at 18.1 area with a possible jefe pattern plus a swing low setting up. if the week is to close bullish this is very good if your looking for higher prices with btc and the broader market.
2. there is a 1w open at 21.3 area which will probably get hit this week i will be looking to see what type of reaction is to come off this level. if price is to sustain its trend and broke through then the next target 29k which is the weekly open with a swing high siting right above these levels . also note that there is a lot of liquidity at the sub 10k levels and an open at 11k so if price is to fail i would look for such prices.
THE DAILY ( LOST PIC )
key areas are 21.4 with swing locked in at the 18.5k mark . this is good to see for bullish narrative . the first target is 21.4 open if price is able to keep its trend the next target would be 30k with lots of liquidity built up above from the consolidation at this area. if prices where to fall there is an open at 15k which would be the next target for bears.
lastly lets look at spx since btc is heavily intertwined with the stock market
this pic is a lil bit sloppier but breakdown is
1. spx has hit a key daily open and now has set a swing low 3650 level and to continue the bullish trend it tested the open at 37.5 which held. once again this is what bulls should want to see and look for . as a bonus spx has jsut set a 2lo pattern 37.8 also a very bullish pattern to see. bonus spx moved off the 72 retracement level
2. the upwards target should be 3900 as this is where the next daily open is. it has a 4hr 50 ine level at 3886 this could possibly be the first test for the bulls. if they can win that fight then next up is 39.5. finally if all goes well the last target would be to test the open at 4125 due to the open/ consolidation, and the 4hr 3 drives at these levels
ALL IN ALL the broad markets are looking healthy and clean for what could be a relief rally bull trap or a market shift at this current moment i am temporarily bullish untill the higher targets get hit. long term i am still bearish as i see much liquidity left at the sub10k levels for btc. but because how intertwined the markets are i wouldnt be surprised if btc was able to piggy back off the stock market and follow suit , since spx has hit a nice level and is looking like its gearing up to run. my final thoughts are that we should be able to run for atleast a week or two with ease before we see the next major moves so trade safely !
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