BTCUSD Analysis (4th May 2024)

Crypto Analysis (4th May 2024)

BTCUSD Analysis

On the 4 hour timeframe, price action has swept the buyside liquidity and created a bearish BOS. There are 2 scenarios i am looking at currently.

1) Price rejects of the 4 hour OB and creates a 15 minute bearish Change of Character. Once it has done that, i will look for another 15 minute bearish BOS to confirm that the bearish orderflow on the 15 minute is aligned to the 4 hour bearishness.

2) Price continues bullish and breaks past the 4 hour OB. If that is the scenario, i want to see a body candle close above the OB, before looking for a break and retest on the 1 hour timeframe to potentially continue higher. Further confirmations like a 5 minute bullish CHOCH after the retest of the OB will give me more confidence to look for BUYS.