BITCOIN possible short trade setup.

16 thg 2, 2022

While analyzing bitcoin price chart using TOP-DOWN ANALYSIS starting from the MN chart , i uncovered that price has been trading within a range with a the average highest point of interest being the YEARLY HIGH @ 65049.23 and the lowest point being the MONTHLY LOW which was initially the YEARLY LOW but later got adjusted on the W chart as the monthly low , still on the MN chart … price created a MN demand level @ 47118.02 which is currently in control. Supply levels were also created @ 57775.27. Moving on to the W chart price broke out of descending bearish channel forming several full OHLC candlesticks above it. Price formed a W demand level @ 37941.82 which caused the breakout , this move in accordance with supply and demand rules validated the demand level as it also original and fresh. On the D chart which is my entry timeframe price is creating higher highs and higher lows making its way to the upside , i have not taken any trades yet .. I am waiting for price to retest daily trendline as resistance and also retest W supply CP level @ 46725.02 where i will be monitoring to take short positions at with targets at the fresh and original W demand level which caused the break of the W descending bearish channel , in the level i have a nested D liquidity pool ranging from 36625.39 to 35931.40

D chart - Daily TIMEFRAME
W chart - Weekly
MN chart - Monthly..

"Being a good teacher takes patience; being a good doctor also takes patience. In fact, if you want to excel in anything, master any skill, patience is an asset." Eknath Easwaran, Patience: A Little Book of Inner Strength