BTCUSD Analysis (18th May 2024)

18 May

Crypto Analysis (18th May 2024)

BTCUSD Analysis

on the 4 hour timeframe, Price action has just taken out an inducement level at the 67086.61. Right above that level is a Bearish 4 hour OB.

So there are 2 scenarios that could play out for BTC.

1) price taps into the OB at the 67515.19 - 68849.81 level and rejects it, creating a 15 minute Change of Character to the down side. If this happens, i want to see another 15 minute bearish BOS to confirm the rejection off the 4 hour OB before shorting.

2) If price continues bullish and breaks past the 68449.81 level with a body candle close on at least the 1 hour. I will be looking for a break and retest for price to continue higher, targeting the 70280 level.