I'm looking for 2 things at the moment, in order to have enough data to take a decision, regarding BTC. The first one is how price will react from 46k. From this first question, 2 scenarios arise in my mind: 1- a closure below 46k that will liquidate 40k will confirm the sell off towards 30k. 2- a closure above 46k will push price towards 51k, but even then, I still expect price to continue to liquidate the current lows formed on the daily chart and balance the current movement for a healthy bull market. And that's how we got to the second thing I was talking about in the beginning. 51k- this level is an imbalance left behind, right after the ATH has been formed and then price started its reversal that led BTC all the way down to 16k, after hitting 69k. Imagine how many orders are still left behind that area. Either way, I'm still looking for shorts, from both 46k and 51k. If I were to choose from those 2 by which has higher chances of respecting the shorts. I'd say 51k. But that would be valid only if price has already invalidated 46k. Which is why I'm waiting for more data to be printed. Until next time!
