BTC Top Down Analysis 2/7/2023
Weekly 
-Taking a look at Weekly we can clearly see Bitcoin has been on a tear these past few weeks leaving many asking when will be the next opportunity to buy back in
- It's important to know that on the weekly closure of Jan 23 we closed above the Weekly EQ level that formed the swing we are currently trading within
- So where does this leave us now?
-Well with many traders left in the dust and fighting over bread crumbs I would say it's safe to say that we need to rebalance before pushing back up
- A few levels that I am watching on the Weekly TF is the gap created from Jan 21 @$21,237
-This would rebalance part of the move and if we were to close below then we would then look at the bigger weekly candle from Jan 9th
-All though we do not use weekly TF's for executing trades this gives us a brief idea where flows are headed
Daily
-With the Daily TF giving short triggers I would say anyone longing at the prices we are at now is either counter trading or doesn't know what they're doing
-We created the swing high and the day after put a bearish engulfing in
- A few days later we swept/stopped prices stopped short sellers by creating a swing of the range high
-3 days later price closed below it's previous days lows which triggers to me that price is beginning its weekly rebalance but on Daily and 4H TF's flows have shifted from bullish to bearish
4 Hour
- If we look at the swing we're in the Origin of the expansion/inefficiency begins at $20,990
- Price rebalancing down to that level would create a efficiency market and the probabilities of a HL at those levels is likely high if not lost
- Until then we just have to wait and see how price will react at these levels but in the mean time keep an eye on for LH's and watch where and how they are formed leading down to these levels
*Not Financial advice*
-Taking a look at Weekly we can clearly see Bitcoin has been on a tear these past few weeks leaving many asking when will be the next opportunity to buy back in
- It's important to know that on the weekly closure of Jan 23 we closed above the Weekly EQ level that formed the swing we are currently trading within
- So where does this leave us now?
-Well with many traders left in the dust and fighting over bread crumbs I would say it's safe to say that we need to rebalance before pushing back up
- A few levels that I am watching on the Weekly TF is the gap created from Jan 21 @$21,237
-This would rebalance part of the move and if we were to close below then we would then look at the bigger weekly candle from Jan 9th
-All though we do not use weekly TF's for executing trades this gives us a brief idea where flows are headed
Daily
-With the Daily TF giving short triggers I would say anyone longing at the prices we are at now is either counter trading or doesn't know what they're doing
-We created the swing high and the day after put a bearish engulfing in
- A few days later we swept/stopped prices stopped short sellers by creating a swing of the range high
-3 days later price closed below it's previous days lows which triggers to me that price is beginning its weekly rebalance but on Daily and 4H TF's flows have shifted from bullish to bearish
4 Hour
- If we look at the swing we're in the Origin of the expansion/inefficiency begins at $20,990
- Price rebalancing down to that level would create a efficiency market and the probabilities of a HL at those levels is likely high if not lost
- Until then we just have to wait and see how price will react at these levels but in the mean time keep an eye on for LH's and watch where and how they are formed leading down to these levels
*Not Financial advice*
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