Weekly Market Update 05-01-2023


4h analysis

In the 4H view, I think that the liquidity and price gaps left at the bottom are considered as a long-sided reaction trade. I think it will retest here because of the liquidity left above the orange area (Recliming Block). I will act according to the momentum of the price coming here.

Daily analysis

The only possibility that we can say that we continue to rise in price is the closings above the green line. The first level we can see when 33k remains is $39,850.

Weekly analysis

In the weekly view, we see that it broke the falling trend with the reaction from 50%, retested it and continued. The last low before the breathless drop (upper green line at $32,917) means a bearish retest for me.

Monthly analysis

In the monthly view of BTC, it received the expected reaction from the 50% of the bull season that started with the pandemic.

What we learned shows us that the price below 50% is cheap. But is this enough to rise?

Again, looking at the monthly view, the pandemic rise started with an OB (orange box). Above is an untested OB in the circle. This is the region where I will wait for a new bull season.


Daily analysis

As of March 30th daily chart still remains bullish in terms of market structure. In the evaluation of the last week, we pointed out the bearish RSI divergence, but in the current case we have no more active divergence. The price change is quite low with just a $7 decrease. Price fluctuation is also quite shallow, a deeper look in lower time frame is mandatory in this case.

Hourly analysis

The price seems to move inside a range, which is between $2,010 and $1,970. The last price is at 0.5 level of the range. The liquidity of $2,075 over the price and weekly imbalance at $1,935 below the current level remains active. Current situation in the hourly chart is unclear and break of the range is required to identify the path of the price. After the expansion, retest of the range can be place to start a short or long position.


Daily analysis 

The EURUSD price is a bit higher than the last week’s price and tested 1.11 with a wick. TP-2 target still exist for bullish crab harmonic pattern and 1.1% higher than the top of the wick. RSI level is 58, still in the mid-zone This is a positive indicator for the price to reach TP-2 level. Price would want to reach the premium zone.

Hourly analysis

Last week we identified a range formation in the discount zone of the bullish up leg retracement. The price moved over fib 0 level and kept a bullish price movement. After retest of the range zone, liquidity of the HH was taken. In the continuation, the liquidity of the last swing low was also taken. This two consecutive liquidity movements show us that stop-loss for buyers and sellers were activated and a trap was in action for those who had their close orders.

Now the price can make a new high since no bearish structure break is available.