Bitcoin futures<\/h2>\n\n\n\nThe Weekly<\/em> chart of Bitcoin futures<\/h3>\n\n\n\n![\"bitcoin](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/bitcoin-weekly-gap-closed-breakout-point.png\" "\\"chart\\"")
Weekly Candlestick Chart of Bitcoin CME Futures on June 10th<\/figcaption><\/figure>\n\n\n\nAnalysis<\/h3>\n\n\n\n\n- This week’s candlestick<\/a> is a bear bar closing above its midpoint, with a prominent tail below and a small body. <\/li>\n\n\n\n
- The price finally decided to draw a gap closed with the prior breakout point.<\/li>\n\n\n\n
- A breakout point formed after a bull breakout of a Head and Shoulders Bottom (HSB) pattern. <\/li>\n\n\n\n
- A gap closed means that the bears that sold above the prior higher highs, were able to make money (if they scaled in higher) or, at least, exit breakeven. \n
\n- This limits the upside, since bulls will hesitate to sell above higher highs if they know that there will be bears that are going to sell. <\/li>\n<\/ul>\n<\/li>\n\n\n\n
- The price is within a Tight Trading Range during the past 12 weeks. \n
\n- A TTR is a Breakout Mode Pattern that has a 50% chance of breaking it on either side.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- The loss of momentum (TTR) after the 2023’s bull trend appeared when the price its facing the June 2021 Low resistance. As we anticipated within the 2022 reports<\/a>, at the June 2021 Low there were, probably, trapped bulls that were meant to create selling pressure.<\/li>\n\n\n\n
- Is the June 2021 Low resistance going to lead to a bear breakout of the TTR and a test of the higher low? Or it is going to break on the upside and continue the 2023’s bull trend, at least up to a Measured Move (MM) based upon the HSB range?<\/li>\n\n\n\n
- If we zoom out, as we did when analyzed the monthly chart on the last monthly report<\/a>, we recognize that the price is within a buy zone. However, at the same time, there is a high chance that the first reversal up will fail after a tight bear channel (2022’s tight bear channel).<\/li>\n\n\n\n
- When there is confusion, traders should expect trading range price action.<\/li>\n\n\n\n
- During trading ranges, the price tends to test prior highs and lows.<\/li>\n\n\n\n
- Bulls: \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n- They want a test of the 2023’s highs, but a gap closed might prevent them to buy above highs.<\/li>\n\n\n\n
- A breakout of the TTR and achieve the HSB MM. <\/li>\n<\/ul>\n\n\n\n
\n- Ultimately, they want to reverse the 2022’s bear trend. For that, they will need a strong breakout with follow through above the TTR. <\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Bears: \n
\n- They want a test of the higher low. <\/li>\n\n\n\n
- The gap closed limits the upside, which might incite them to sell at resistances.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n
Trading<\/h3>\n\n\n\n\n- Swing Bulls:\n
\n- This week’s candlestick is not a good buy signal bar.<\/li>\n\n\n\n
- Some bulls might have bought at the HSB breakout point, betting on a small pullback bull trend. <\/li>\n\n\n\n
- But the price is below the June 2021 Low resistance, and thus, I think that it is better to wait for a bull breakout of prior highs or, at least, until they see a couple of good consecutive bull candles. <\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Swing Bears:\n
\n- This week’s candlestick is not a good sell signal bar because there is a prominent tail below. It closed below the past week’s bear bar, but within the tight channel, and hence, it did not generate enough momentum to expect a bearish continuation for the next week.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Within TTR environments, the best swing strategy is to wait until there is a breakout. <\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> chart of Bitcoin futures<\/h3>\n\n\n\n![\"bitcoin](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/bitcoin-daily-wedge-bottom-at-support-but-tr.png\" "\\"\\"")
Daily Candlestick Chart of Bitcoin CME Futures on June 10th.<\/figcaption><\/figure>\n\n\n\nAnalysis<\/h3>\n\n\n\n\n- During the week, the price reached the prior breakout point while a wedge bottom pattern was forming. <\/li>\n\n\n\n
- After the gap closed with the breakout point, Bitcoin reversed up strongly, creating a good bull signal bar on Tuesday. <\/li>\n\n\n\n
- The follow through, on Wednesday, was bad for the bulls. <\/li>\n\n\n\n
- Actually, there are many bars overlapping each other, which means that the trading range price action stills dominates this chart. <\/li>\n\n\n\n
- During Trading Range price action, the price tends to test prior highs and lows, and the range’s midpoint. <\/li>\n\n\n\n
- This is a limit order trading range, and hence, it is hard to make money trading within it. <\/li>\n\n\n\n
- A trading range has a 50% chance of breaking on one side or the other. 80% of breakout attempts fail. <\/li>\n\n\n\n
- Before believing that a breakout of the trading range is coming, traders search for a change in the behavior of the price action, this means, they want to start to see consecutive bars with a good body. <\/li>\n\n\n\n
- Bulls: \n
\n- They aim to see a bull breakout above the prior highs before considering buying.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Bears: \n
\n- They hope to break out the support of the gap closed recently.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- A Trading Range is always followed by a Breakout; thus, traders should expect a breakout to unfold at some point. <\/li>\n<\/ul>\n\n\n\n
Trading<\/h3>\n\n\n\n
Analysis<\/h3>\n\n\n\n\n- This week’s candlestick<\/a> is a bear bar closing above its midpoint, with a prominent tail below and a small body. <\/li>\n\n\n\n
- The price finally decided to draw a gap closed with the prior breakout point.<\/li>\n\n\n\n
- A breakout point formed after a bull breakout of a Head and Shoulders Bottom (HSB) pattern. <\/li>\n\n\n\n
- A gap closed means that the bears that sold above the prior higher highs, were able to make money (if they scaled in higher) or, at least, exit breakeven. \n
\n- This limits the upside, since bulls will hesitate to sell above higher highs if they know that there will be bears that are going to sell. <\/li>\n<\/ul>\n<\/li>\n\n\n\n
- The price is within a Tight Trading Range during the past 12 weeks. \n
\n- A TTR is a Breakout Mode Pattern that has a 50% chance of breaking it on either side.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- The loss of momentum (TTR) after the 2023’s bull trend appeared when the price its facing the June 2021 Low resistance. As we anticipated within the 2022 reports<\/a>, at the June 2021 Low there were, probably, trapped bulls that were meant to create selling pressure.<\/li>\n\n\n\n
- Is the June 2021 Low resistance going to lead to a bear breakout of the TTR and a test of the higher low? Or it is going to break on the upside and continue the 2023’s bull trend, at least up to a Measured Move (MM) based upon the HSB range?<\/li>\n\n\n\n
- If we zoom out, as we did when analyzed the monthly chart on the last monthly report<\/a>, we recognize that the price is within a buy zone. However, at the same time, there is a high chance that the first reversal up will fail after a tight bear channel (2022’s tight bear channel).<\/li>\n\n\n\n
- When there is confusion, traders should expect trading range price action.<\/li>\n\n\n\n
- During trading ranges, the price tends to test prior highs and lows.<\/li>\n\n\n\n
- Bulls: \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n- They want a test of the 2023’s highs, but a gap closed might prevent them to buy above highs.<\/li>\n\n\n\n
- A breakout of the TTR and achieve the HSB MM. <\/li>\n<\/ul>\n\n\n\n
\n- Ultimately, they want to reverse the 2022’s bear trend. For that, they will need a strong breakout with follow through above the TTR. <\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Bears: \n
\n- They want a test of the higher low. <\/li>\n\n\n\n
- The gap closed limits the upside, which might incite them to sell at resistances.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n
Trading<\/h3>\n\n\n\n\n- Swing Bulls:\n
\n- This week’s candlestick is not a good buy signal bar.<\/li>\n\n\n\n
- Some bulls might have bought at the HSB breakout point, betting on a small pullback bull trend. <\/li>\n\n\n\n
- But the price is below the June 2021 Low resistance, and thus, I think that it is better to wait for a bull breakout of prior highs or, at least, until they see a couple of good consecutive bull candles. <\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Swing Bears:\n
\n- This week’s candlestick is not a good sell signal bar because there is a prominent tail below. It closed below the past week’s bear bar, but within the tight channel, and hence, it did not generate enough momentum to expect a bearish continuation for the next week.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Within TTR environments, the best swing strategy is to wait until there is a breakout. <\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> chart of Bitcoin futures<\/h3>\n\n\n\nDaily Candlestick Chart of Bitcoin CME Futures on June 10th.<\/figcaption><\/figure>\n\n\n\nAnalysis<\/h3>\n\n\n\n\n- During the week, the price reached the prior breakout point while a wedge bottom pattern was forming. <\/li>\n\n\n\n
- After the gap closed with the breakout point, Bitcoin reversed up strongly, creating a good bull signal bar on Tuesday. <\/li>\n\n\n\n
- The follow through, on Wednesday, was bad for the bulls. <\/li>\n\n\n\n
- Actually, there are many bars overlapping each other, which means that the trading range price action stills dominates this chart. <\/li>\n\n\n\n
- During Trading Range price action, the price tends to test prior highs and lows, and the range’s midpoint. <\/li>\n\n\n\n
- This is a limit order trading range, and hence, it is hard to make money trading within it. <\/li>\n\n\n\n
- A trading range has a 50% chance of breaking on one side or the other. 80% of breakout attempts fail. <\/li>\n\n\n\n
- Before believing that a breakout of the trading range is coming, traders search for a change in the behavior of the price action, this means, they want to start to see consecutive bars with a good body. <\/li>\n\n\n\n
- Bulls: \n
\n- They aim to see a bull breakout above the prior highs before considering buying.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Bears: \n
\n- They hope to break out the support of the gap closed recently.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- A Trading Range is always followed by a Breakout; thus, traders should expect a breakout to unfold at some point. <\/li>\n<\/ul>\n\n\n\n
Trading<\/h3>\n\n\n\n
- \n
- This limits the upside, since bulls will hesitate to sell above higher highs if they know that there will be bears that are going to sell. <\/li>\n<\/ul>\n<\/li>\n\n\n\n
- The price is within a Tight Trading Range during the past 12 weeks. \n
- \n
- A TTR is a Breakout Mode Pattern that has a 50% chance of breaking it on either side.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- The loss of momentum (TTR) after the 2023’s bull trend appeared when the price its facing the June 2021 Low resistance. As we anticipated within the 2022 reports<\/a>, at the June 2021 Low there were, probably, trapped bulls that were meant to create selling pressure.<\/li>\n\n\n\n
- Is the June 2021 Low resistance going to lead to a bear breakout of the TTR and a test of the higher low? Or it is going to break on the upside and continue the 2023’s bull trend, at least up to a Measured Move (MM) based upon the HSB range?<\/li>\n\n\n\n
- If we zoom out, as we did when analyzed the monthly chart on the last monthly report<\/a>, we recognize that the price is within a buy zone. However, at the same time, there is a high chance that the first reversal up will fail after a tight bear channel (2022’s tight bear channel).<\/li>\n\n\n\n
- When there is confusion, traders should expect trading range price action.<\/li>\n\n\n\n
- During trading ranges, the price tends to test prior highs and lows.<\/li>\n\n\n\n
- Bulls: \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
- \n
- They want a test of the 2023’s highs, but a gap closed might prevent them to buy above highs.<\/li>\n\n\n\n
- A breakout of the TTR and achieve the HSB MM. <\/li>\n<\/ul>\n\n\n\n
- \n
- Ultimately, they want to reverse the 2022’s bear trend. For that, they will need a strong breakout with follow through above the TTR. <\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Bears: \n
- \n
- They want a test of the higher low. <\/li>\n\n\n\n
- The gap closed limits the upside, which might incite them to sell at resistances.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n
Trading<\/h3>\n\n\n\n
- \n
- Swing Bulls:\n
- \n
- This week’s candlestick is not a good buy signal bar.<\/li>\n\n\n\n
- Some bulls might have bought at the HSB breakout point, betting on a small pullback bull trend. <\/li>\n\n\n\n
- But the price is below the June 2021 Low resistance, and thus, I think that it is better to wait for a bull breakout of prior highs or, at least, until they see a couple of good consecutive bull candles. <\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Swing Bears:\n
- \n
- This week’s candlestick is not a good sell signal bar because there is a prominent tail below. It closed below the past week’s bear bar, but within the tight channel, and hence, it did not generate enough momentum to expect a bearish continuation for the next week.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Within TTR environments, the best swing strategy is to wait until there is a breakout. <\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> chart of Bitcoin futures<\/h3>\n\n\n\n
Daily Candlestick Chart of Bitcoin CME Futures on June 10th.<\/figcaption><\/figure>\n\n\n\n Analysis<\/h3>\n\n\n\n
- \n
- During the week, the price reached the prior breakout point while a wedge bottom pattern was forming. <\/li>\n\n\n\n
- After the gap closed with the breakout point, Bitcoin reversed up strongly, creating a good bull signal bar on Tuesday. <\/li>\n\n\n\n
- The follow through, on Wednesday, was bad for the bulls. <\/li>\n\n\n\n
- Actually, there are many bars overlapping each other, which means that the trading range price action stills dominates this chart. <\/li>\n\n\n\n
- During Trading Range price action, the price tends to test prior highs and lows, and the range’s midpoint. <\/li>\n\n\n\n
- This is a limit order trading range, and hence, it is hard to make money trading within it. <\/li>\n\n\n\n
- A trading range has a 50% chance of breaking on one side or the other. 80% of breakout attempts fail. <\/li>\n\n\n\n
- Before believing that a breakout of the trading range is coming, traders search for a change in the behavior of the price action, this means, they want to start to see consecutive bars with a good body. <\/li>\n\n\n\n
- Bulls: \n
- \n
- They aim to see a bull breakout above the prior highs before considering buying.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Bears: \n
- \n
- They hope to break out the support of the gap closed recently.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- A Trading Range is always followed by a Breakout; thus, traders should expect a breakout to unfold at some point. <\/li>\n<\/ul>\n\n\n\n
Trading<\/h3>\n\n\n\n
- Swing Bulls:\n