Source: idea tradingview
The reason this is worth referencing more is that it accurately identifies each support and resistance, as they always arise without a defined direction.
__________
If you are still dreaming of an immediate "moon" shot, then wake up with a few lines of real (and somewhat painful) review below about BTC's behavior on the Daily timeframe.
1. Daily FVG: "The First Slap" 🥊
Remember the touch on the Fair Value Gap (FVG) on the Daily timeframe? At that time, many were probably cheering "Buy the dip!". But no, the Market said: "Keep dreaming, darling".
The price just touched that area and was slapped down immediately. This is not a gentle "pullback" like being spoiled; this is a harsh rejection like an ex blocking you. The bears have set the stakes here and declared: "This area is mine!".
2. Breaking the Structure: "The Official Breakup" 💔
After that slap, BTC did not stop to catch its breath but decided to drop its pants, breaking the upward structure on the Daily timeframe.
Before: "I'm still fine, we are still in an uptrend."
Now: The structure is broken, hope shattered.
Breaking the structure (Break of Structure) is the confirmation that the bulls have officially "run out of gas". The Bullish scenario is now just a memory; we have officially entered the "Bearish" era.
3. The Retest "Love Trick" & The Second Rejection 🐍
After breaking the structure, the price had a slight bounce up to the new FVG area (right where the structure just broke). You thought it was a "reflective bounce" and jumped into a Long?
Mistake! This is the classic confirmation. The price hit exactly the resistance area, the sellers reappeared and pushed it down once more. The first time was an accident, the second time was "intent".
#trading #future #liquid #tradecoin