Bitcoin Daily timeframe overview. The market hasn’t been moving a whole lot with BTC just moving sideways for the most part. Here’s a few key things I am watching out for:
BTC is nearing a level that would be a classic bullish retest (light blue line on chart). This level has been strong support and resistance in the past, so we can expect the same going forward. If this level is lost, that would be a major point for the bears.
We have some speculative market structure approaching (white line on chart). I say speculative because there are only 2 touches on this line so far. It’s worth noting this line has some variation in location depending on if you draw it with candle bodies or wicks, so take the precision lightly.
The two bullet points above have some overlap, and this brings us to the area of interest (yellow on the chart). This is where we can expect price to visit if the two ideas above are valid. Again if this area is lost, that would be a strong point for the bears.
If the market makes a bullish impulsive move, I have my targets on the next major liquidity zone (orange line on chart). If price action touches or goes slightly above that level, there will be many liquidations on short positions that were set from the price drop that occurred June 2022. This would be a major level to hit before price would make another move lower.
As an aside note, there is market-moving news releasing this week including FOMC Minutes. This will cause volatility in the market and could certainly be the catalyst for the next impulse move from BTC.
Bitcoin Daily timeframe overview. The market hasn’t been moving a whole lot with BTC just moving sideways for the most part. Here’s a few key things I am watching out for:
As an aside note, there is market-moving news releasing this week including FOMC Minutes. This will cause volatility in the market and could certainly be the catalyst for the next impulse move from BTC.