Bitcoin(BTC): Will Go Towards $48K Zone Most Likely
Updated
The second week is here, and we are still showing some strength in building up that overbought market and pushing the limits of Bitcoin.
Not only are we laving heavy masses of FVG zones down below to be grabbed, but we are also on the heatmap of Bitcoin, where the majority of traders have shifted to long positions, showing us a potential liquidation grab to happen sooner or later in lower zones!
With that being said, as we get closer to the April 2024 halving, two of the most reasonable movements can happen:
Plan A anticipates a bearish movement towards 26K zone while also filling all the FVG zones, where we will encounter nice support and a movement to potential new ATHs
Plan B It is similar to Plan A, but near support, we might see further weakness and a potential long squeeze to the lower zones before further movement to the upper zones.
Not only are we laving heavy masses of FVG zones down below to be grabbed, but we are also on the heatmap of Bitcoin, where the majority of traders have shifted to long positions, showing us a potential liquidation grab to happen sooner or later in lower zones!
With that being said, as we get closer to the April 2024 halving, two of the most reasonable movements can happen:
Plan A anticipates a bearish movement towards 26K zone while also filling all the FVG zones, where we will encounter nice support and a movement to potential new ATHs
Plan B It is similar to Plan A, but near support, we might see further weakness and a potential long squeeze to the lower zones before further movement to the upper zones.
Note
Day 2After amazing movement to the lower zone, re-testing the trend, and filling our first FVG zone, the price has dropped by 9%. During that drop, BTC also liquidated multiple positions (look at the heatmap), and now the closest liquidity is laying in the upper zones.
With that being said, we are seeing a high probability of movement to upper zones to re-test them and potentially liquidate more positions, and after that, we are going to aim for that major drop that we have been waiting for some time now!
We still have a lot of FVG zones to reclaim in the lower zones!
Note
Day 3Third Day: After a nice drop we had on BTC, the price has not shown any significant support or volume near the current zone, where the price is stuck inside the FVG zone and gliding slightly above the middle line of the Bollinger Band.
Today we are going to have a very volatile day with all those news stories, which we think will push the price finally for one last attempt towards
48K, where we want to see the start of that major drop that we have been waiting for.We still have a lot of FVG zones to reclaim in the lower zones!
Note
Day 4Price has had a nice bounce from near the FVG zone (at 40K), where so far we have had a nice 6% market price movement!
This being said, we are getting closer and closer to our major target of $44,500, which should determine the next major movement. As you all remember, we are waiting for more bearish scenarios to occur near this zone, but let's see what we will get once we are near it!
Greed and Fear Index: Still Greedy and growing / 72
Note
Day 5The fifth day of this week is showing us some further movements towards the upper resistance zone, while yesterday we also had a nice liquidity movement to the lower zones (liquidation hunting).
We are still waiting for this zone to be reached on BTC before any significant movement to lower zones (potentially reclaiming many unfilled gaps down there!).
We still have a lot of FVG zones to reclaim in the lower zones!
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