BTCUSD Analysis (12th May 2024)

Crypto Analysis (12th May 2024)

BTCUSD Analysis

On the 4 hour timeframe, price has swept the liquidity at 64724.63 level and proceeded to create a CHOCH to the downside. The market followed through by creating another BOS after rejecting a 4 hour OB.

There are 2 scenarios i am looking at right now.

1) Price retraces into the FVG and creates a 15 minute CHOCH to continue the sells towards the 57000 Level. Its important to ensure the CHOCH that happens with a body candle close, for extra confirmation.

2) IF price breaks past the FVG and takes out the lower high created, we would have a bullish CHOCH. and i will be expecting a break and retest of the CHOCH level at 63511 level before looking for buys.