BTC/USD Daily Levels — February 1st, 2023
Updated
Looking at the price of Bitcoin on the Daily TF, we can see that we just wicked out on the $24,233 level and are forming a buy side sweep.
We will see what happens on the close of the daily candle, but if we close underneath here, that means the buy side sweep is formed and we should be looking at lower levels as the high for the month / local top is formed.
The red line I have marked at $21,294 and also doubles as the bottom body of the LG candle, and that's where i'd be looking to offload shorts and start rebuying my long position. However, I will see how we look at that time, as we can still drop back down to the ~$19,000 level, marked on the chart as the top of the green accumulation box. This would form a higher low of the move formed at the start of the year and would properly rebalance this up swing.
A lot of people on Twitter are talking about running the yearly lows, and if we did, we'd create (obviously) a lower low and send the cryptocurrency market into goblin town. Now not that i'm against it, I don't think we'll drop that far, and if we do, it'll be a clean wick through the level just to retest it.
All in all, looking for the $19-21k targets to re-enter my long positions after absolutely milking this move upwards from 16k.
Take it easy traders, I wish you all the best! Cheers 🥂
As always please do your own research, I am not a financial advisor and this post is for educational purposes only
We will see what happens on the close of the daily candle, but if we close underneath here, that means the buy side sweep is formed and we should be looking at lower levels as the high for the month / local top is formed.
The red line I have marked at $21,294 and also doubles as the bottom body of the LG candle, and that's where i'd be looking to offload shorts and start rebuying my long position. However, I will see how we look at that time, as we can still drop back down to the ~$19,000 level, marked on the chart as the top of the green accumulation box. This would form a higher low of the move formed at the start of the year and would properly rebalance this up swing.
A lot of people on Twitter are talking about running the yearly lows, and if we did, we'd create (obviously) a lower low and send the cryptocurrency market into goblin town. Now not that i'm against it, I don't think we'll drop that far, and if we do, it'll be a clean wick through the level just to retest it.
All in all, looking for the $19-21k targets to re-enter my long positions after absolutely milking this move upwards from 16k.
Take it easy traders, I wish you all the best! Cheers 🥂
As always please do your own research, I am not a financial advisor and this post is for educational purposes only
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We broke down out of the distribution zone after seeing some major buy-side manipulation. Lots of heavy news today regarding the SEC going after the staking services offered by US Exchanges with the likes of Coinbase / Kraken making headlines. Looks like we are heading down towards the accumulation area.
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