Big Brain Bitcoin Analysis 🧠

What's up, traders! In today's market breakdown, we're mapping out our latest levels to watch for on the BTC hourly chart.

Let's dive right in...

Ticker: BTCUSDT
Date: 05/08/23
Timeframe: 30min, 1H

Supply: 28650-28890 (1st red zone), 29770-30040 (2nd red zone - strong supply)
Demand: 27660-27960 (1st green zone - trading here currently), 26500-27000 (2nd green zone - strong demand)

Commentary:
Cryptocurrency as a whole seems to be consolidating since mid April. We have been trading between ~26500 and ~31000 for the most part since this time.

Bitcoin has pulled back into high 27k and is now trading inside our demand zone of ~27660-27960. Bears need to be cautious of the demand zones we are now approaching. The risk to reward is currently on the upside. There are a few trades we could target from here:

✅ Bullish Scenario 1: you want to see price pull back into the strong demand zone ~26500-27000, buyers to emerge again, and possibly catch a retest for an upside move. This is the safer upside play.
✅ Bullish Scenario 2: you want to see price trade above this ~27660-27960 zone, retest this zone and validate it as demand to catch a retest for an upside move, potentially into supply at ~28650-28890.
✅ Bullish Scenario 3: you want to see price rally and break supply at ~28650-28890, pull back into it to turn it into demand and find strength again for a move into next supply at ~29770-30040.

🟥 Bearish Scenario 1: you want to see price move up and approach supply again at ~28650-28890, sellers to regain control and possibly catch a retest of this supply zone into demand at ~27660-27960 again. This will be the safer downside play.
🟥 Bearish Scenario 2: you want to see price break demand here at ~27660-27960, retest and turn this demand into supply, and find weakness again for a move into ~26500-27000 demand.
🟥 Bearish Scenario 3: you want to see price break demand at ~26500-27000, retest and turn this zone into supply for a further downside move into ~25300.

That's all we got for you in this one.

So what do you think? Are you bullish or bearish on BTC?

Let us know in the comments below!

We'll see you in the next one.

-The AlgoBuddy Team