đ Market analysis for the start of the week
Thus, BTC has indeed reacted at the price zone of 68k at the demand zone on the daily frame specifically at 67k4, after accumulating in the 1h frame and starting to show reversal signals such as oversold RSI, divergence, and EMA21 flattening out
Although it was predicted that the price would react to this price zone for a bounce, at 18:00 before the US session began, the market unexpectedly had a strong price increase
âĄď¸ It is likely that President Trump's statement about the Iran war has realized this upward movement
â Will this price increase be sustainable or is it just a charting trick to take liquidity at the price zone of 71k6
âąď¸ In the 4h frame, it can be clearly seen that the price is reacting to the price zone of 71k5, which is the imbalance zone on the daily frame created by the red candle on March 18 and a long upper shadow doji candle appears, not yet creating a break of the bearish structure by the body of the candle.
đ Therefore, in the 4h frame, the reversal structure cannot be confirmed yet; we need to wait for a few more 4h candles to close to confirm the signal
đ Scenario 1: If the price maintains the mark of 70k6 and sideways in this area creating momentum with signs that the price is still above EMA21 (4h frame), and gradually compressing up to the mark of 72k, with RSI supporting when maintaining above 50, BTC is likely to have momentum to continue increasing and the next mark is the resistance of the sellers at 75k
đ Scenario 2: The price only increases to take liquidity and then decreases again, at this point the buyers' resistance at 68k may be broken đť But for now, with the strong upward force like todayâs US session, this possibility may be low, be patient and wait for a sideways movement to observe further.