BTC pause then continue

22 июн. 2023 г.

#BTC update


BTC went beast mode the last few days, left the descending channel and almost reached the top we were talking about yesterday. Price closed above 0.66 and continued further.

In this update i would like to get your attention to an inefficient candle, marked on the chart along with it's volume, the ineficient candles mark weakening markets, where the volume (effort) is not aligned with the result(candle). If you want to know more about the effort and result candle check our youtube, we have a whole video on it.

The fact that we have this type of candle, correlated to the fact that we are approaching key resistance leads me to think that the current move is over and we will soon retrace. First lower target would be around the 0.66 Fib($28.899).

We haven't seen manipulation in a while on BTC so this would be the perfect moment for that to happen. For example, i would expect the price to go just above the resistance level at $31000 to get some liquidity then drop with high volume.

Meantime in ALT land
Alts will follow BTC more or less depending on the volumes on the move. Many alts are prepared to take of from a technical view but as you know , BTC moves override these patterns in 90% of the time. Alts need BTC to cool off for a bit before taking off.

IMPORTANT NOTE:

I do not expect BTC to drop heavily, i expect a retrace. Shorting BTC in this scenario may seem straight forward but it isn't. The larger view on BTC is becoming slightly bullish so check the 3d chart.