Bitcoin’s rise before the fall… and rise again
Bitcoin has officially broken bullish structure. The question is, how far will we actually end up dropping before the bulls inevitably take back control?
I have marked up a few areas of imbalance (purple boxes) where I think are likely to be good targets.
Price will always go where it will screw over the most retail traders. So, I have also marked up with “$” where I think lots of retail traders (bullish) are likely to have placed their SL’s; thereby creating a pool of liquidity that makes a good target for market makers who are actually driving the price.
I think we should see some last minute bulls hopping in between now and next week, driving price back up to the imbalance above - which also has confluence with a manipulation candle + is in a Fibonacci kill zone. Then, we may see a sudden drop in price to liquidate their positions below; afterwards a sharp push back up.
What do you think?
I have marked up a few areas of imbalance (purple boxes) where I think are likely to be good targets.
Price will always go where it will screw over the most retail traders. So, I have also marked up with “$” where I think lots of retail traders (bullish) are likely to have placed their SL’s; thereby creating a pool of liquidity that makes a good target for market makers who are actually driving the price.
I think we should see some last minute bulls hopping in between now and next week, driving price back up to the imbalance above - which also has confluence with a manipulation candle + is in a Fibonacci kill zone. Then, we may see a sudden drop in price to liquidate their positions below; afterwards a sharp push back up.
What do you think?
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