Looking at the Bearish scenario here. Following Arthur Hayes (Bitmex founder)'s recent comments suggesting that he sees big players needing to go on a liquidity hunt downwards towards sub $35k before we go to $50+.
Here looking at a possible ending of a B wave of an ABC retracement, perhaps this triangle breaks up to get the hype before we break down again for the liquidity run:
Buy zone I am looking at is a Confluence zone (31,000-35,000)
* Previous resistance turned support at 31,000 (May Jul 23)
* 0.5 FIB retracement level of 2023 run up (right)
* Upward trend line (red dotted)
* 500 Day EMA (purple)
* 1-1 Fib extension of A wave of ABC correction
Here looking at a possible ending of a B wave of an ABC retracement, perhaps this triangle breaks up to get the hype before we break down again for the liquidity run:
Buy zone I am looking at is a Confluence zone (31,000-35,000)
* Previous resistance turned support at 31,000 (May Jul 23)
* 0.5 FIB retracement level of 2023 run up (right)
* Upward trend line (red dotted)
* 500 Day EMA (purple)
* 1-1 Fib extension of A wave of ABC correction
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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.