Bullish OB failed. Now bearish OB in play
My previous high timeframe review explaining Bullish OB situation below.
Last week closed below bullish OB 31780-34260 zone which means that we should expect BTC to drop lower 24 / 20 / 14k.
Before that final collapse happen we may expect (or hope) for re-test of newly formed bearish OB at 29300-35400 range. As you can see its a pretty wide range and BTC price can grow up to the middle of it before going further down.
This chart is for 2H as I'd like you to see a good trendline which is still at bullish re-test. If bounce we will witness re-test of bearish OB sooner. Maybe even this week.
And this is Dollar Index chart. DXY been growing without any stops for 6 weeks. Its not a record, but the longer it grows the higher chances for correction. That gives a hope for crypto to recover before dumping lower. Higher timeframe targets for DXY are 106.5 (Dec'02) / 109.77 (Sep'02) / 111.9 (June'02).
Last week closed below bullish OB 31780-34260 zone which means that we should expect BTC to drop lower 24 / 20 / 14k.
Before that final collapse happen we may expect (or hope) for re-test of newly formed bearish OB at 29300-35400 range. As you can see its a pretty wide range and BTC price can grow up to the middle of it before going further down.
This chart is for 2H as I'd like you to see a good trendline which is still at bullish re-test. If bounce we will witness re-test of bearish OB sooner. Maybe even this week.
And this is Dollar Index chart. DXY been growing without any stops for 6 weeks. Its not a record, but the longer it grows the higher chances for correction. That gives a hope for crypto to recover before dumping lower. Higher timeframe targets for DXY are 106.5 (Dec'02) / 109.77 (Sep'02) / 111.9 (June'02).
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Bitcoin moves within weekly narrow range 28.8k - 30.8k.
Nearest resistance for re-test is 30-30.5k. If BTC break week range high good chances for a pump to ~31.3k (after which it can easily pull back to 29k again). With all that said the trend is still bearish and pumps are for shorting until bearish trend get invalidated. And that happens only after BTC find support at 31.3-31.8k SR.
Stocks S&P500 closed week with long tale green doji which gives a hope for a bounce (after 7 red weeks in a row). But week candle is still rather bearish, so early to be sure.