Bitcoin has shown some extreme strength and resiliency over the last few weeks without any sort of meaningful pullback.
Today we are finally seeing this correction after breaking down from the rising wedge bearish pattern above.
The market structure is still undeniably bullish on the higher time frames until the range here is broken and lost to the downside.
Otherwise, I need to remain with an over bullish bias on the higher time frame, and assume that buyer will likely step in during these dips.
Currently I am waiting to see the reaction at the level of approx $60k and slightly below for a reaction and swing failure pattern / liquidity sweep which may trap short sellers at the bottom of the move, forcing a squeeze upwards as sellers cover their positions.
I would love to see further continuation to the upside if we see this liquidity sweep to new ATH.
We do have some resistance zones on the way back up, which I will likely update if we see this pivot below 60k.
Good luck!
Today we are finally seeing this correction after breaking down from the rising wedge bearish pattern above.
The market structure is still undeniably bullish on the higher time frames until the range here is broken and lost to the downside.
Otherwise, I need to remain with an over bullish bias on the higher time frame, and assume that buyer will likely step in during these dips.
Currently I am waiting to see the reaction at the level of approx $60k and slightly below for a reaction and swing failure pattern / liquidity sweep which may trap short sellers at the bottom of the move, forcing a squeeze upwards as sellers cover their positions.
I would love to see further continuation to the upside if we see this liquidity sweep to new ATH.
We do have some resistance zones on the way back up, which I will likely update if we see this pivot below 60k.
Good luck!
Comment:
Current resistance at the daily level currently holding strong, creating a potential Swing Failure Pattern with lots of trapped longs.
Would be open to see a pullback to grab liquidity before moving higher.
Be aware of the futures market CME gap at approx $63-$65k. Holding this zone would be crucial, and likely trap shorts to squeeze the price higher.
Would be open to see a pullback to grab liquidity before moving higher.
Be aware of the futures market CME gap at approx $63-$65k. Holding this zone would be crucial, and likely trap shorts to squeeze the price higher.
Comment:
The lows had finally ben swept where I was able to take a long trade just above $60k
Would prefer to see new all time highs at $75k. Market seems undeniably strong for BTC at the moment.