Bitcoin needs to close a one-hour candle above 111,800 to flip intraday resistance to support, with an unfilled gap below 110,600. Weekly and daily charts look bearish, but short-term conditions could set up a bullish move if price breaks above 113,200.
Questions this video answers
113,200
111,800
110,600
Recording from Hong Kong; flying to Korea.
Chapters
What's good, guys? Welcome back to another video. The trade from last Friday just ended up being a no trade because the conditions that we were looking for just didn't end up happening. And so that brings us on to a new week and a new day and new trading opportunities. So if you're interested in the setup for today, let's stick around. So starting things off, we have a good daily close yesterday towards the bullish direction. Only problem with this is that right now we are coming into this sort of bearish resistance here on Bitcoin. This is a bearish order block bit. And until further notice, right, we should expect Price to go down from here rather than break above. But in the event that we break above this level right here at 113,200, that would mean that this is a bullish changing state of delivery. And we can expect Price to flip this potential resistance into potential support before going towards the upside. But that's what we can see from the daily chart so far. Let's take a real quick look at the weekly chart before we jump to conclusions though. But so far, like, based on what I've seen on the chart, the setup for today is going to be pretty straightforward. So let's just see what it brings us. So taking a look at the weekly chart, we have in fact, closed bearish, which means that there is a potential that if we go above the daily open, sorry, the weekly open, it would give us an opportunity to dive into a short above the weekly open so that we can ride the true movement towards the downside. This is exactly what we got last week as well because of this bearish close. This is the weekly open. You can see that the high of the week forms above the weekly open and then off we go at the true expansion. So so far we have to keep that in mind. That so far, right, based on what we can see, until this level gets broken above, we are actually still bearish. Now, doesn't mean that we cannot take a bet that things are going to be bullish because if you go down to the 1 hourly chart, I think the setup is going to be pretty clear. Now, mind you, I'm recording this video like two to three hours than when I usually record these videos. So. So just understand that right now there's not enough information for me to, you know, make a super accurate judgment or at least not as accurate as usual. But I can still give you the scenarios to expect heading into today. So starting things off right, this is the fair value gap that Price is currently inside at the moment. So this is already a level of support, or rather, this is already a bullish PD that you can, you know, go long or at the very least look for longs to take advantage of a movement towards the outside. Now, there's also changes if this bearish order block here right at the moment, it's a bearish order block, but this could change in a couple of hours. If this level gets closed above this level being 111,800. If you get a one hourly candle close above this level, then you could potentially flip this potential resistance into potential support. And that's going to be setup number two. Now, for those of you who are wondering, so on the weekly chart at the moment we are looking at shorts, right? The weekly is looking quite bearish. The daily is looking a little bit bearish as well. So why are we looking for longs? Well, the reason why we're doing that is because yesterday's tender close, bullish, which means that for the intraday setup, right, Intraday means opened, means that this trade is going to be opened and closed within today. This is a bullish day. We should technically be looking for longs. Hence why now that I'm on the lower time frame, I'm looking for, you know, areas of interest that support this higher time frame theory, which is towards the long side. So those are the two key levels that we have so far. Now the other one is going to be this further gap down below here, like all the way below 110,600. I don't know if this is going to get filled again. Recording this video about two to three hours earlier than usual, reason being like, you know, kind of doing some touristy stuff right now in Hong Kong. So I do intend to go out after this. So that's why I'm just, you know, posting this out for you guys before I go. But besides that, you can also see that this is the Asia session, right? This is the Asia range. Right now we are sweeping below the Asia session range. Now this is a really good sign if you are bullish. The sweet of Asia lows heading into some kind of higher time frame pda, which in this case is this one hourly F gap right here, which happens around the London session, which tends to be a session of manipulation, is one of the bread and butter setups that we have taken advantage of time and time again within this channel. Essentially, you have your Asia's accumulation. London makes a false move towards the downside before New York distributes towards the upside. That is the setup that I am that I'm banking on at the moment. And that's why we kind of need to see this happen before we can jump right into it. But so far I think you're going to get the idea. This is not going to be valid though if you do not get a break above here. Because if this doesn't happen, then I want you to imagine for a moment that this is so far within bearish order flow. Taking a look at this bearish order block right here, price has came to retest it and failed to break above it and instead it has broken below. So this is not a really good sign or at the very least this is not a bullish sign. So until you get some kind of change in state of delivery, which in this case the blue box is going to be the safe one, then once this happens, then not only do we have our theory, which is, okay, the price is going to bounce through this point onwards, but we also have the market telling us, or rather giving us proof that, hey, we are indeed right and the market indeed wants to go towards the outside. So again, like no bolt setup confirmed until this happens again, we know exactly what we're going to be looking for. Now we just need to wait for the confirmation of these things happening before we jump into it. This is all, all trading balls down to now. One other consideration that I will keep in mind, or rather I want you guys to keep in mind, is the fact that you do not have news today. Today, yeah, technically you have news, but this is the Chinese yen, which is not a major or at the very least it's not a currency that affects Bitcoin much. But we do have news for the rest of this week. So ideally you even want to be just sitting today out because there's no news. For those of you who followed this channel for a while, you know just how powerful trading on news days are and how tough it is to trade on non newsdays. Now the price action and you know, everything on the chart could be adding up, but just the fact that there is no news means that sometimes the volatility can be a lot lower. Or like it could just be very choppy, right? Everything adds up, but then it just doesn't quite play out. We've seen that happen time and time again. So if there were four trading days this week that you should take that you should prioritize, it would be the rest of the four news days. And ideally today is going to be a no trade day. I'm sure you've heard the saying before that you know, not every day is trading day. This is a perfect example of, you know, how you should be utilizing or the very least how would recommend you utilize your, you know, metal capacity and, you know, financial capital as well. Like or like when you should be in the markets and when you shouldn't. But overall though, the setup for today is pretty clear. Now as for whether or not it will play out again, comes down to, you know, whether or not this happens. If this doesn't happen, then again, you are still looking pretty bearish. You know, if the conditions are met and I jump into a trade, I'll definitely update you guys on Twitter. Like, just like how I updated you guys on Twitter the other day saying, like, okay, I really want to see this happen first before I jump into any trade. And if we just go back to last Friday, that did not happen, right? This is just a way that I can help you guys, give you a bit of more confidence. At the very least, you know, which are the right signals to pay attention to, which are not. In this case, this was a false signal. Price didn't end up going down, hence why I said, you know, that trade was a no trade. The conditions weren't met. And so we do not trade. So same thing for today, right? You just want to see that happen. And of course, when the conditions are met, feel free to follow me on Twitter at the art of crypto. That's when I'm going to be updating if I am in a position or not. But otherwise, yeah, I even mentioned it here. I mean, yeah, getting pretty late for a trade today. If you decide to go and play it safe, I am like, I just wasn't trading, period. Anyways, guys, I'm going to enjoy the rest of my last day here in Hong Kong. Tomorrow there may or may not be a video because I will be flying to Korea now. If there is a video, expect it to be coming a little bit later. But otherwise, have a great day. We'll see you guys on Twitter. Ciao, ciao.
