What To FOCUS ON From Here! *BTC DAILY ANALYSIS*

What's up everyone. It's Matt, and I'm here to update you all on Bitcoin. So in this crypto update, we're going to be discussing Bitcoin's market structure and what you can watch out for over the next upcoming day. So here on the one hour, we can see how the overall price action is starting to show a potential market structure shift this low down here that was created just the other day, where we pushed all the way down to 18.3,000 following that low. We had a V formation and an increase in the overall bullish momentum. Now, technically we're still in a bearish market ever since we broke out of this hourly range that I discussed in the last update, and this range is between 19.5 K and roughly 20.5 K. Okay. So since we broke out of that range and we pushed all the way down, I was waiting to see if we could reject this demand zone. However, we first sweeped these lows that we had on September 6th before we got that rejection. And so we recovered and pulled all the way back up to the bottom of this range, but we rejected it and we still have yet to close inside of this range. However, this last one hour candle is a sign that the bullish momentum is picking up again. So if we look at this low as a major swing low, and then take a look at this most recent higher low that's still technically forming, but if this is respected and we keep pushing higher, then I would be looking for the price to continue back up inside of this range. So think of this as a potential market structure shift, where if we then push above this high, we're much more likely to create a higher high. And then I would be targeting this high here that we had on September 17th. So that's at around $20,200. Now, where do we go from there? Well, this is where on the four hour notice how the last four hour candle left this large lower wick. So this is a sign that we're rejecting this level. However, we're still trapped under this 13 EMA. So all that really implies is that this is a level of resistance where this current four hour candle and potentially the next one can still pull back a little bit, right? But as long as we respect the swing low, that's at around 18.8 thousand and we create a higher low. I'm expecting this to continue pushing to the upside. And I know that this is a little bit tricky because the price did technically create a lower low when we pushed below this low that we had on September 6th. However, we never technically closed on the daily. We never closed below the support level, right? So this is a demand zone that I was watching and we never technically closed below that. So because we never closed below that, the overall market structure is still technically inside of this long-term daily range. The next area that you can target, if you guys are in buys or you're looking to get in to buys, if we have a retracement or if we push back inside of this range, the next area that I would be looking for is for the price to push to the top of this range in order to first target these highs here that I mentioned that are at around 20.2 thousand, but realistically I'm focused more on these highs here that are at around 20.5 thousand. And the reason for that is because slightly above those highs, if I take out the volume profile, we have an imbalance right above that. So it would make sense that if we're back inside of this range and we continue pushing into the upside, the area where we would have buy-side liquidity residing would be right above these highs inside of this imbalance. Right? So if we tap into this level, that's at around 20.5 thousand and we reject that and close back inside of this range, then you can continue playing the range where we would then push to the bottom of it once again, right? So look at this as a bullish impulsive move playing out followed by a potential rejection and a correction back down, and so that's one region that you can target and then the next one would technically represent the next major imbalance that we have, which is at around 21.5 thousand. So this is about $1,000 higher. Now we can also take out the Fibonacci retracement tool, connect to this swing high from September 13th down to the most recent swing low. And the first thing that you guys might notice is that the top of this range, right, this lines up around the 50% level, 50% Fibonacci level, and the next imbalance that's at around 21.5 thousand is pretty much right in the middle between the 78.6 and the 70.7. So this would represent a bit of a deeper correction. And so that's the next area that I would target if the price does successfully break out of this hourly range and then continues pushing into the upside. So there's a number of different scenarios that we have here. So simply just play it according to the market structure, but just keep an eye. Last thing that I need to mention is just keep an eye out for the fact that we do have the FOMC reports later tomorrow. So there's a very good chance that we will get another interest rate hike of at least 75 basis points that is likely to bring in some volatility into the market. So just be very cautious if you're holding onto any positions or entering a position right before that. So again, that's tomorrow. So we could still push quite a bit before the FOMC report, but usually the markets hold up whenever there is any big fundamental release. And then following that release, that's when you get more volatility. So hopefully this helped. If it did drop a like and subscribe and then down below, you guys can join my trading communities as well as my privates elite group, where I include additional guides, tutorial videos, and much more in my privates in-depth live streams, thanks for watching. I'll speak to you in the next video.