Even though I only trade intraday, I still go into timeframes that are way beyond that in order to build my bias for the respecting smaller timeframe. So even though this is a 1h analysis, let's look at the weekly chart first ⬇️
We dipped into the weekly FVG, retraced back quickly and consolidated over the last 4 weeks.
Sellside liquidity was taken on the Daily with a run back into the wick of the candle that took the liquidity from January.
On the 4h we build up some BSL (high probability liquidity run) which is slightly below the 50% level of the FVG you'll see to the right of the current price action.
We've been in an uptrend for the past few days now and dipped into an Order Block on the 1h chart while simultaneously touching the lower trendline of the parallel downtrend channel. This would have been a great buy but since the RR is not there anymore I'll be on the sidelines and just watch priceaction unfold.
This is a pretty important skill by the way which will likely increase your portfolio statistics ;)
Although a retracement is possible, I still could just run straight to the FVG outlines at around $7350.
Let's keep in mind that it also kind of depends on Bitcoin, if we break through the BSL or just "range trade" for the next couple weeks, take the Buyside Liquidity and look for internal range liquidity.
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