BTC - Top-down Analysis (ICT)
Hello traders,
This is my observation and analysis for Bitcoin using ICT's Concepts.
So, recently we had price break it's all-time highs in March 2024. Since then, we have been chopping around in a consolidation. We may make new highs, or we may retrace deeper into a discount. I'm not here to guess, I will just show you what I see.
On the monthly timeframe, we can into a BISI and had a reaction, but we did not create a new high.
On the weekly we have the most clear price action. No gaps, but multiple bullish and bearish Breakers forming, which has price bouncing from a premium to discount in a consolidative manner. Currently in terms of taking a trade, I anticipate us moving up again next week into the bearish Breaker above us, then moving lower into the bullish Breaker below. After that, I would be awaiting more confirmation on the Daily chart, such as gaps being disrespected and gaps being created.
We are currently still high in a premium overall, but we could create a "Bull Flag" type of pattern. It is not something I trade, but what I mean it is completely possible we just consolidate in this tight range before displacing more to the upside. OR, we could go lower back into Equilibrium.
Either way, trade safe out there.
- R2F
This is my observation and analysis for Bitcoin using ICT's Concepts.
So, recently we had price break it's all-time highs in March 2024. Since then, we have been chopping around in a consolidation. We may make new highs, or we may retrace deeper into a discount. I'm not here to guess, I will just show you what I see.
On the monthly timeframe, we can into a BISI and had a reaction, but we did not create a new high.
On the weekly we have the most clear price action. No gaps, but multiple bullish and bearish Breakers forming, which has price bouncing from a premium to discount in a consolidative manner. Currently in terms of taking a trade, I anticipate us moving up again next week into the bearish Breaker above us, then moving lower into the bullish Breaker below. After that, I would be awaiting more confirmation on the Daily chart, such as gaps being disrespected and gaps being created.
We are currently still high in a premium overall, but we could create a "Bull Flag" type of pattern. It is not something I trade, but what I mean it is completely possible we just consolidate in this tight range before displacing more to the upside. OR, we could go lower back into Equilibrium.
Either way, trade safe out there.
- R2F
R2F
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