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Bitcoin (BTC) $20k support looks shaky, but pro traders are staying quiet. Price resistance at $21,000 shows options traders are not particularly bullish. However, experts believe that "green shoots" of this being a "generational buying opportunity" still exist at these current price levels.
BTC - Low Timeframe
After closing the 1H fair-value gap, mitigating the open of the extreme 1H bullish order-block we had gone into a multi-day consolidation period on the 1H chart.
This was in anticipation of the FED Rate Announcement that was due to be released. Upon release, we saw price spike on both sides of the accumulation, trapping in all buyers and sellers, we then made our way to the extreme bullish rejection block before forming a manipulation pattern to prematurely take out those who had bought.
At which point we saw price initiate its aggressive bullish move back into premium of the current range of importance. Now that we have reached this level, broken and retested the 50 EMA, we look to see if price will retrace into discount and mitigate the order-block left behind, which will act as either long-term support for longs, or short-term support for a retracement.
Alternatively, we could make our way bullish into the extremes of the range, mitigating the extreme 1H OB and get a retracement from there.
We have also now seen a dip below the 50EMA take place which could be signs of sustained selling pressure entering the market.
Since last week's impulsive move out of the month-long consolidation period and entering the daily fair value gap to the left, we saw the price stall within its current 1D range.
Given the fact our daily target we expect a deeper retracement from (1D Order-block at $22,300) has not yet been achieved we lean more toward the fact the current 1D consolidation is likely to be a re-accumulation to fuel the move up into testing equilibrium, closing the fair value gap and mitigating the clean order-block left previously. Given we have now also broken above and successfully retested the 50-EMA for the first time in August, this would act as a further confluence to this perspective.
Ethereum (ETH) on the monthly chart has been looking good with a +18.5% return, while for the week it is a mere +0.5%, but ETH needs to hold at $1,500! Below $1,500, support is weak due to recent sell-offs following the recovery in its price. In other words, it would lie just about $1,300 before losses start to accumulate.
The spike trapped buyers and sellers, at which point price made its way aggressively the last and extreme bullish order-block, the final level of support for the current daily range. We then saw a small re-accumulation and bullish move up into premium. At current, we have just seen a retest of the 50-EMA and mitigation of the bullish order-block. We now wait to see if reaching the extreme bearish order-block taking 4H+1H BSL is on the cards or if a deeper retracement into the bullish order-block is needed.
Bitcoin (BTC) $20k support looks shaky, but pro traders are staying quiet. Price resistance at $21,000 shows options traders are not particularly bullish. However, experts believe that "green shoots" of this being a "generational buying opportunity" still exist at these current price levels.
BTC - Low Timeframe
After closing the 1H fair-value gap, mitigating the open of the extreme 1H bullish order-block we had gone into a multi-day consolidation period on the 1H chart.
This was in anticipation of the FED Rate Announcement that was due to be released. Upon release, we saw price spike on both sides of the accumulation, trapping in all buyers and sellers, we then made our way to the extreme bullish rejection block before forming a manipulation pattern to prematurely take out those who had bought.
At which point we saw price initiate its aggressive bullish move back into premium of the current range of importance. Now that we have reached this level, broken and retested the 50 EMA, we look to see if price will retrace into discount and mitigate the order-block left behind, which will act as either long-term support for longs, or short-term support for a retracement.
Alternatively, we could make our way bullish into the extremes of the range, mitigating the extreme 1H OB and get a retracement from there.
We have also now seen a dip below the 50EMA take place which could be signs of sustained selling pressure entering the market.
Since last week's impulsive move out of the month-long consolidation period and entering the daily fair value gap to the left, we saw the price stall within its current 1D range.
Given the fact our daily target we expect a deeper retracement from (1D Order-block at $22,300) has not yet been achieved we lean more toward the fact the current 1D consolidation is likely to be a re-accumulation to fuel the move up into testing equilibrium, closing the fair value gap and mitigating the clean order-block left previously. Given we have now also broken above and successfully retested the 50-EMA for the first time in August, this would act as a further confluence to this perspective.
Ethereum (ETH) on the monthly chart has been looking good with a +18.5% return, while for the week it is a mere +0.5%, but ETH needs to hold at $1,500! Below $1,500, support is weak due to recent sell-offs following the recovery in its price. In other words, it would lie just about $1,300 before losses start to accumulate.
The spike trapped buyers and sellers, at which point price made its way aggressively the last and extreme bullish order-block, the final level of support for the current daily range. We then saw a small re-accumulation and bullish move up into premium. At current, we have just seen a retest of the 50-EMA and mitigation of the bullish order-block. We now wait to see if reaching the extreme bearish order-block taking 4H+1H BSL is on the cards or if a deeper retracement into the bullish order-block is needed.
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