BTC ANALYSIS 3RD NOV 2024
BTC Analysis
In the 1-hour timeframe, BTC has not been respecting the smaller order blocks, which is why I've highlighted a major demand area on the 4-hour timeframe as a possible reversal point. The 4-hour chart shows BTC forming consistent lower highs without breaking any recent highs, indicating a downtrend.
Key Observations:
Imbalance Filled: All imbalances on the upside have been filled, so we need clear confirmations for potential setups.
Long Setup: Watch for a break of the order block, followed by a proper retest. This confirmation can provide a safer entry for longs.
Short Setup: For shorts, wait until BTC breaks the demand zone and retests it for confirmation.
BTC previously broke a trendline, trapping sellers before reversing upward. Be mindful of similar fakeouts. Ensure strong confirmations on the retest before entering any trade.
Confirmation Tips:
Use 15-minute (or higher) timeframes for minor confirmations.
Watch for BTC to potentially find support here or fall from the order block—trade cautiously.
If this analysis helped, please like, follow, and comment!
In the 1-hour timeframe, BTC has not been respecting the smaller order blocks, which is why I've highlighted a major demand area on the 4-hour timeframe as a possible reversal point. The 4-hour chart shows BTC forming consistent lower highs without breaking any recent highs, indicating a downtrend.
Key Observations:
Imbalance Filled: All imbalances on the upside have been filled, so we need clear confirmations for potential setups.
Long Setup: Watch for a break of the order block, followed by a proper retest. This confirmation can provide a safer entry for longs.
Short Setup: For shorts, wait until BTC breaks the demand zone and retests it for confirmation.
BTC previously broke a trendline, trapping sellers before reversing upward. Be mindful of similar fakeouts. Ensure strong confirmations on the retest before entering any trade.
Confirmation Tips:
Use 15-minute (or higher) timeframes for minor confirmations.
Watch for BTC to potentially find support here or fall from the order block—trade cautiously.
If this analysis helped, please like, follow, and comment!
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