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.
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