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☕️ Scalping - $BTC - April 20th
BTC/USDT technical analysis on the H1 timeframe from Wyckoff + SMC perspective - 4 basic factors:
- BTC on the H1 timeframe still maintains a long-term uptrend after a strong markup phase from around 70k to 78k.
- However, the market is currently entering a deep correction around 74k, indicating the short-term trend has weakened.
- Price structure shows signs of distribution at the peak with BC, AR, ST, followed by a CHoCH downtrend, confirming the loss of the short-term bullish structure.
- Money flow indicates selling pressure dominates as volume increases during the decline, but reactions begin at lower levels, suggesting a potential spring or test of demand.
👉 The suitable strategy is to prioritize waiting to buy around 73.5k-74k if a reversal confirmation occurs, or continue selling if the price breaks below the support zone strongly. Avoid trading within the range; wait for the market to reveal a clear direction.