BTC/USD analysis
Before I go into details about the analysis, here's a small key for you to understand the labeling:
DOB - daily orderblock
DOB MTH - daily orderblock mean threshold
WOB - weekly orderblock
WOB MTH - weekly orderblock mean threshold
DPG - daily price gap
WPG - weekly price gap
Currently, I am expecting price to make its way up to the 55850$-53880$ price range where there is a gap in price found on the daily timeframe. This price gap is also just below and somewhat aligned with the 50% / equilibrium level shown on the Fibonacci tool (for the Fibonacci tool, 69000$ was used for the swing high and 42333$ was used for the swing low). It's my belief that if price can make its way to the daily price gap at the equilibrium level that we could see either a small retracement downward and then a continuation upward towards the premium levels shown on the Fibonacci tool or just a complete degression into my target, the 33200$-35330$ price range. Although, I am in favor of the former rather than the latter as it gives a more tastier short opportunity lol.
If the former comes into fruition, I will expect price to reach for the 61000$-62300$ price range where price would have to dig into both a weekly and daily price gap as well as what I believe to be a daily orderblock. All at around a 70.5% Fibonacci retracement, which for me is kind of like my golden level. I believe that somewhere within this price range would be a great opportunity for a short position as I would essentially have all my ducks in a row. If price begins to plunge after the fact I will expect it to come to a halt at the target I stated previously, the 33200$-35330$ price range, where there is both a weekly price gap and what I also believe to be a weekly orderblock. It's also interesting to see how the -0.27 Fibonacci level, a level that aids me in targeting, lines up with that price range so nicely. :)
For the time being, I don't expect price to drop significantly from where it's at now. The long and sharp wick down from the daily candle on December 4th is my reasoning for that. On the 4th, price dug into a daily orderblock, completely filled a daily price gap, and then quickly hurried away. I believe what we're seeing right now with this consolidation is somewhat of an accumulation phase.
I could be completely wrong but regardless I'm excited to see what happens. Good luck to everyone!
DOB - daily orderblock
DOB MTH - daily orderblock mean threshold
WOB - weekly orderblock
WOB MTH - weekly orderblock mean threshold
DPG - daily price gap
WPG - weekly price gap
Currently, I am expecting price to make its way up to the 55850$-53880$ price range where there is a gap in price found on the daily timeframe. This price gap is also just below and somewhat aligned with the 50% / equilibrium level shown on the Fibonacci tool (for the Fibonacci tool, 69000$ was used for the swing high and 42333$ was used for the swing low). It's my belief that if price can make its way to the daily price gap at the equilibrium level that we could see either a small retracement downward and then a continuation upward towards the premium levels shown on the Fibonacci tool or just a complete degression into my target, the 33200$-35330$ price range. Although, I am in favor of the former rather than the latter as it gives a more tastier short opportunity lol.
If the former comes into fruition, I will expect price to reach for the 61000$-62300$ price range where price would have to dig into both a weekly and daily price gap as well as what I believe to be a daily orderblock. All at around a 70.5% Fibonacci retracement, which for me is kind of like my golden level. I believe that somewhere within this price range would be a great opportunity for a short position as I would essentially have all my ducks in a row. If price begins to plunge after the fact I will expect it to come to a halt at the target I stated previously, the 33200$-35330$ price range, where there is both a weekly price gap and what I also believe to be a weekly orderblock. It's also interesting to see how the -0.27 Fibonacci level, a level that aids me in targeting, lines up with that price range so nicely. :)
For the time being, I don't expect price to drop significantly from where it's at now. The long and sharp wick down from the daily candle on December 4th is my reasoning for that. On the 4th, price dug into a daily orderblock, completely filled a daily price gap, and then quickly hurried away. I believe what we're seeing right now with this consolidation is somewhat of an accumulation phase.
I could be completely wrong but regardless I'm excited to see what happens. Good luck to everyone!
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.