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Hello everyone, I am pretty new to Price Action, I've been studying Brooks Trading Course for two months and am currently at chapter 41A (Forex version)
I wanted someone who is more experienced to do PA breakdowns on Bitcoin but sadly, it looks like Bitcoin is not that popular over here so I decided to share my perspective on Bitcoin PA on 5 minute
Criticism is very welcome, please share your opinion
(I have some typos on my screenshots DT instead of DB)
7 Feb 2025 Breakdown:
Day started with a Bull BO above Ascending Triangle, bad FT but it didn't instantly reverse so AIL, around 50% PB and formed a TR
TR with three pushes up and the Market turned into Opposite Trend, AIS at this point but we are still above Major HL
We poorly broke below the Neckline of last DT but were able to fall for MM down (still above Major HL) and formed a Wedge Bottom
DB (slightly higher L) with the bottom of the Wedge then infinite pullback and reached MM of DB HL and formed a small Wedge Top which led to two-legged pullback
Then we had a Spike both up and down on the same very big Doji Bar, on 1m chart it was a failed BO above Wedge then another failed BO below Major HL and consecutive Bull Trend Bars
(At this point I am not sure, we broke below last Major LH so in theory it is not a Bull Trend anymore, but we still had a Buy Climax, I'd call it a Failed BO and take Bitcoin's volatility into count as well)
Two-legged Buy Climax reached well above MM based on TR, it instantly reversed down creating big confusion for me and formed Descending Triangle
Then Failed BO below the Triangle, the Triangle was also a DB and Failed BO below DB is a type of Wedge
Failed BO (Wedge) formed a DB and it went for a MM UP also to a prior LH or it was a Vacuum test of something? Or both?
At the end of the day it fell below the Failed DB for a MM then TTR because end of the week
(UTC+1) (23:00)
Sunday ended with a Failed BO under TR which is visible on 1H TF. A 180 Bars Big Wedge since Sunday, and Expanding Triangle.
However, correct me if I'm wrong, if this was a strong BO that would have led to a MM down, it should not have had prominent Tails below BO Bars.
Bar 260 which is the FT Bar after BO has Tail 1/3rd size of the Body, next Bar 261 which is even bigger but same situation as 260 and an Inside Bar after it made me assume that this is not a BO that will lead to a MM down, there are two options: either wait for more information or bet on Failed BO.
Bars 261 and 262 made a micro DB, Bar 263 Failed to break below the DB making it a Micro Wedge Bottom and adding to the probability of a Reversal and test top of the Sell Climax, what ended up happening.
Bull Leg was a Tight Channel, which is also a Breakout, reached top of Sell Climax and Bulls took their Profits there, Bears Shorted hoping for TR but too tight Bull Channel and we got a second Leg MM up based on first Leg MM and Sell Climax MM up.
At this point we have Big Down Big Up situation, assume TR.
Big down (Bars 10 to 21) - I don't have an explanation for this, I am confused. Trading Range.
However, good looking Buy Reversal/Signal Bar is a terrible FT for Second Bear Leg while assuming we are in TR and we ended up getting BO above Bear Flag (Bar 33) and PB didn't fall below the BO Bar.
And we get consecutive Bull Bars (looking very weak because of Tails) and BO above Bear Flag for a MM UP based on Bear Leg.
This move led to a Spike and Channel, which ended up being Broad Bull Channel.
Bar 186 broke below the Channel but resulted in more sideways.
