On the H4 timeframe, a symmetrical triangle pattern had formed, followed by a false breakout.
This appears to be another instance where market makers have trapped retail traders.
Let's analyze the recent market scenario and consider the potential next move.
Several factors will guide our analysis as we determine the most likely outcome.
Let's explore these considerations to devise our next strategic move.
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Continue....
Firstly, within the $59,000 to $61,000 range, we observe that liquidity is quite sparse, indicating that there isn't much trading activity or volume in this zone. This could suggest a potential weakness in price stability within this range.
On the other hand, when we look at the downside, there’s a considerable amount of liquidity concentrated around the $57,500 level. This suggests that a significant number of long positions have been established at this price point, which could potentially serve as a support level if the market begins to decline.
Understanding the distribution of liquidity at these levels is crucial as it could influence the market’s next move, particularly in terms of where price may find support or resistance.
Secondly, on-chain tracking via Arkham Intelligence has detected that Mt. Gox has transferred 1,264.69 BTC to Bitstamp.
It's important to note that typically, when large sums are moved to an exchange, it’s not for holding but rather for selling. This action suggests that they might be planning to sell, which could trigger a market dump and create panic among traders.
In conclusion, the current analysis suggests that the market may consolidate in the current range for a while but could potentially drop to the $57,000-$56,000 range at any time. The fundamentals are bearish at the moment, so it's essential to stay vigilant and be prepared for potential downward movement.
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