BTC is moving sideways and upward, with both lows and highs rising. Keep a close eye on the liquidity around 84,300.
BTC hasn’t shown a clear direction lately. It can’t seem to fall much further, but its gains have also been limited. The highs have been consolidating around 83,000, near the middle Bollinger Band, which is also acting as some resistance. However, the lows are gradually rising, as are the highs, forming a sideways-to-upward move. So where might it go next?
There isn’t much to focus on in the current price action—it’s simply moving sideways. Yesterday’s bearish daily candle was engulfed by a bullish candle today. In this situation, there’s really just one key level to watch: the liquidity around 84,300. I mentioned this level a long time ago, but price still hasn’t taken it. Now that we’re seeing a sideways-to-upward move, let’s see whether price gets a chance to sweep that liquidity. There’s a lot of liquidity at this level, especially the liquidity that has built up over the past two weeks. If price can take this liquidity and then fall back below the level—particularly on strong volume—I think it may be worth trying a short. There aren’t any other good trading opportunities for now, so we’ll just have to wait patiently.
As before, I’ll scale into my position. I’ll open an initial position around 83,000 to avoid missing out if price doesn’t take the liquidity at 84,300. If price moves higher, I’ll consider adding to my short around 84,500. That’s my plan. My view that BTC could reach 75,000 in the medium to long term hasn’t changed. After price takes the liquidity at 84,300, we’ll see whether it could drop toward the 75,000–78,000 range. We can analyze the situation step by step when we get there.
BTC hasn’t shown a clear direction lately. It can’t seem to fall much further, but its gains have also been limited. The highs have been consolidating around 83,000, near the middle Bollinger Band, which is also acting as some resistance. However, the lows are gradually rising, as are the highs, forming a sideways-to-upward move. So where might it go next?
There isn’t much to focus on in the current price action—it’s simply moving sideways. Yesterday’s bearish daily candle was engulfed by a bullish candle today. In this situation, there’s really just one key level to watch: the liquidity around 84,300. I mentioned this level a long time ago, but price still hasn’t taken it. Now that we’re seeing a sideways-to-upward move, let’s see whether price gets a chance to sweep that liquidity. There’s a lot of liquidity at this level, especially the liquidity that has built up over the past two weeks. If price can take this liquidity and then fall back below the level—particularly on strong volume—I think it may be worth trying a short. There aren’t any other good trading opportunities for now, so we’ll just have to wait patiently.
As before, I’ll scale into my position. I’ll open an initial position around 83,000 to avoid missing out if price doesn’t take the liquidity at 84,300. If price moves higher, I’ll consider adding to my short around 84,500. That’s my plan. My view that BTC could reach 75,000 in the medium to long term hasn’t changed. After price takes the liquidity at 84,300, we’ll see whether it could drop toward the 75,000–78,000 range. We can analyze the situation step by step when we get there.