BTC - Some review & planning ahead
2024-12-13
Category: None

The most important part about charting BTC for me is not getting the path or price prediction right, I'm much more happy if I see that the levels or zones I marked gave good reactions.

Looks like we did a good job with identifying ltf support and resistance, even following the bullish squiggle perfectly.

At the moment we are doing a second test of the supply zone, which is also following the squiggle I drew. Notice also how the green and red squiggle are different in how I expected them:

Support should give decent bounces in the current market conditions, while at resistance we expect TWAP / slow grind to continue into supply, which makes the rejections look a bit different from the bullish bounces.

I have no idea where price goes from here of course, but I added a loose support channel to the chart. As long as we keep compressing between that channel and the 105k zone, we would look out for higher prices. 

Of course we will still look for short setups when price gets in the 103-105k zone, depending on momentum and ltf price action. I'm primarily a reversal trader, so high prices means selling for me, while low prices means buying.