BTC Price analysis, 12-May 2024
Context: As we know the Crypto market always follows the range analysis, the ranges I have drawn here is year-21 ranges. In this massive PA, the price has been failed the hold the ATH-69807, level & it has been rejected from that level. Now the price is situated in the first Quadrant of the ranges, So now its a million$ question will the price going to hold this level or not?
Lets see applying the Algorithmic price action here.
Monthly: In the Monthly Price we are getting support from a monthly Bullish FVG. But is the M-FVG holds then we will go to test the ATH again. But there are several levels in the M-FVG so we cant say that the price will be moving upward from here. If we got any Daily Bullish Price action from the monthly level then we will be assured that we age going to upwards.
Monthly Bias: Confusion
Weekly: In the weekly chart we are getting support in the W-FVG+, So if we have any H4 Bulish Reversal from this level then we can have confirmation that we are going upwards, Else we are bearish here.
Weekly Bias: Confusion.
Daily: Based on the Daily PA, the price has been rejected from the 69807.2 level, then it has been created D-MSS- creating a D-FVG-, again then price has been created D-MSS- on 30-apr-2024, and got support from the W&M FVG+, but is has been getting Rejection from the D-FVG-, so in the daily chart we are seeing that the bullish PDA has been rejected & the Bearish PDA has been respected. So as we are bearish & D-MSS has been formed, so daily level we are going down for sure, at least towards the last quadrant of M-FVG & O.5% f the FIB ot year 2021 Ranges. Because there are W-FVG+ & Range 0.5 level are waiting as a strong support.
Daily Bias: Bearish.
Lets see applying the Algorithmic price action here.
Monthly: In the Monthly Price we are getting support from a monthly Bullish FVG. But is the M-FVG holds then we will go to test the ATH again. But there are several levels in the M-FVG so we cant say that the price will be moving upward from here. If we got any Daily Bullish Price action from the monthly level then we will be assured that we age going to upwards.
Monthly Bias: Confusion
Weekly: In the weekly chart we are getting support in the W-FVG+, So if we have any H4 Bulish Reversal from this level then we can have confirmation that we are going upwards, Else we are bearish here.
Weekly Bias: Confusion.
Daily: Based on the Daily PA, the price has been rejected from the 69807.2 level, then it has been created D-MSS- creating a D-FVG-, again then price has been created D-MSS- on 30-apr-2024, and got support from the W&M FVG+, but is has been getting Rejection from the D-FVG-, so in the daily chart we are seeing that the bullish PDA has been rejected & the Bearish PDA has been respected. So as we are bearish & D-MSS has been formed, so daily level we are going down for sure, at least towards the last quadrant of M-FVG & O.5% f the FIB ot year 2021 Ranges. Because there are W-FVG+ & Range 0.5 level are waiting as a strong support.
Daily Bias: Bearish.
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