Hello traders,
Today’s analysis focuses on the CME futures chart, providing an update on the latest price action. Since our last update, the gap has been filled, but notably, Bitcoin has failed to show any significant bounce that would indicate buyer strength. Instead, price has closed through the gap and is now trading below this level, signaling continued market weakness.
Key Technical Considerations
• $84,000 Reclaim is Critical: If Bitcoin fails to reclaim $84,000 in the coming days, the probability of a liquidation event increases. This could drive price toward the next key swing low around $67,735.
• Untapped Liquidity Zones: Multiple higher lows remain untouched, meaning there is still pristine liquidity that could act as a magnet for price.
• Swing Failure Pattern (SFP) Potential: A bounce at $67,735 could form an SFP, temporarily trapping shorts before rebounding. However, if price closes below this level on a high-time-frame basis, further downside toward much lower price levels is likely.
Conclusion: Caution is Advised
Bitcoin’s price action remains weak, and unless a decisive reclaim of $84,000 occurs, further downside remains the higher-probability scenario. The market structure still favors sellers, and traders should exercise caution, as a deeper correction could be in play if Bitcoin loses its next key support.
Today’s analysis focuses on the CME futures chart, providing an update on the latest price action. Since our last update, the gap has been filled, but notably, Bitcoin has failed to show any significant bounce that would indicate buyer strength. Instead, price has closed through the gap and is now trading below this level, signaling continued market weakness.
Key Technical Considerations
• $84,000 Reclaim is Critical: If Bitcoin fails to reclaim $84,000 in the coming days, the probability of a liquidation event increases. This could drive price toward the next key swing low around $67,735.
• Untapped Liquidity Zones: Multiple higher lows remain untouched, meaning there is still pristine liquidity that could act as a magnet for price.
• Swing Failure Pattern (SFP) Potential: A bounce at $67,735 could form an SFP, temporarily trapping shorts before rebounding. However, if price closes below this level on a high-time-frame basis, further downside toward much lower price levels is likely.
Conclusion: Caution is Advised
Bitcoin’s price action remains weak, and unless a decisive reclaim of $84,000 occurs, further downside remains the higher-probability scenario. The market structure still favors sellers, and traders should exercise caution, as a deeper correction could be in play if Bitcoin loses its next key support.
Free Alpha Group t.me/freetradingden
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
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Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Free Alpha Group t.me/freetradingden
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.