$BTC Yesterday’s daily candle left behind quite a large wick to the upside.
Whenever BTC prints a wick like this, it often tends to get filled by at least 50%, as violent moves like these usually leave behind a lot of liquidity, which price then comes back to, to sweep.
Therefore, I believe it is likely that price retests the range highs once more before potentially continuing lower towards the range lows.
From there, we could see a short deviation below these lows followed by a quick reclaim before price continues its
broader uptrend.
However, I believe it’s more likely that we continue ranging for a little longer first, engineering more liquidity on both sides before that happens.
After all, price has only been consolidating between $83k and $87k for roughly two weeks now, while ranges like this can easily persist for several weeks before we eventually get a confirmed breakout. #BTC Price Analysis# #Macro Insights#
Whenever BTC prints a wick like this, it often tends to get filled by at least 50%, as violent moves like these usually leave behind a lot of liquidity, which price then comes back to, to sweep.
Therefore, I believe it is likely that price retests the range highs once more before potentially continuing lower towards the range lows.
From there, we could see a short deviation below these lows followed by a quick reclaim before price continues its
broader uptrend.
However, I believe it’s more likely that we continue ranging for a little longer first, engineering more liquidity on both sides before that happens.
After all, price has only been consolidating between $83k and $87k for roughly two weeks now, while ranges like this can easily persist for several weeks before we eventually get a confirmed breakout. #BTC Price Analysis# #Macro Insights#
