Crypto market is getting hard to trade as it's becoming the talk of politicians and FED interest rate decision.

But as traders we not only pay attention to fundamentals we have to keep a check what's happening on chart as this is the only tool we will be using forever as a trader.

Lets talk about Bitcoin monthlychart and see what we can expect this month.

BTCUSD (Monthly)

Zooming into the monthly chart we can see BTC is just consolidating for the last 5 months and we can also consider that last monthly candle as bullish candle because it took all the lows out (Liquidity grab) and other than that monthly chart is clearly in an uptrend as there is no break of structure.

Long story short there is nothing serious on the monthly chart as it's been in a range for the last 5 months.

As no structure is broken there is no reason to call for $50k unless we see a drop below the key zone.

BTCUSD (Weekly)

We saw a fake out on weekly chart that trapped the bears calling for $50k and then price squeezed straight to weekly resistance/range highs.

Now that we see where price is standing on monthly and from where it got rejected on the weekly lets find out what we can expect next and how we can plan our trade setup on $BTC

BTCUSD (Weekly)

Based on weekly chart i think a move under $61k will be a good opportunity if it comes. A move down under $61k will can potentially setup a higher low and we can get a great risk and reward entry from that zone.

BTCUSD (Daily)

The story is totally different on daily chart because we have two possible scenarios on the daily chart.

Scenario 1:

Price drops under that key low and reclaim back above the low will confirm a fakeout/trap and this can give an entry trigger. This is the similar scenario as above in the weekly chart when price dropped under $60k

Second Scenario

This one is aligning with the weekly chart scenario. Price drop down to the range lows level under $61k and there i will look for an entry trigger.

i hope you understand how i am planning my trade setup for $BTC

I'll remain bullish on BTC as long as price is holding above $60k on high timeframes and i have no reason to call for a drop down to $50k. This is how i will be planning my trades and i will keep you updated via post.

Where do you think BTC will go ? Let me know your opinions.