BTC Failled to break out on the upside
On my previous post i highlighted that BTC was at a crucial point for the coming days and weeks.
The level has been broken on the H1 with closes, retest and another push slightely higher. But still, we couldn't get that impulsion i was looking for into the 72k area where the external liquidity of the current range is sitting.
This indicates strong bearishness in my eyes. There is too many buyers in this area that needs to be taken out if the market has decided to go back to ATH. This is not my swing scenario (going back to ATH) but it's only speculation for now (i think 33k is the draw on liquidity before resuming the bull market).
The tricky spot is that we have too many clean high's at 71k5 that could lead to retail resistance logic but hey, the framework is clear to me so i did short when price dropped bellow the key level (70k7).
We know how BTC can behave to get people out of their positions.
The levels i am watching are :
- the fill of the current imbalance at 67k4.
- the fill of CME gap from last week 64k3.
- 59k for liquidity.
Until price trades bellow 70k7 the pressure is towards the downside in my opinion.
The level has been broken on the H1 with closes, retest and another push slightely higher. But still, we couldn't get that impulsion i was looking for into the 72k area where the external liquidity of the current range is sitting.
This indicates strong bearishness in my eyes. There is too many buyers in this area that needs to be taken out if the market has decided to go back to ATH. This is not my swing scenario (going back to ATH) but it's only speculation for now (i think 33k is the draw on liquidity before resuming the bull market).
The tricky spot is that we have too many clean high's at 71k5 that could lead to retail resistance logic but hey, the framework is clear to me so i did short when price dropped bellow the key level (70k7).
We know how BTC can behave to get people out of their positions.
The levels i am watching are :
- the fill of the current imbalance at 67k4.
- the fill of CME gap from last week 64k3.
- 59k for liquidity.
Until price trades bellow 70k7 the pressure is towards the downside in my opinion.
