Bitcoin (BTC): Price Testing Again Major Resistance Zone
On a daily timeframe we are seeing price back at resistance testing it (after a successful re-test of blue zone).
Now that we are in a new weekly opening zone, we are monitoring the price of Bitcoin near this zone for multiple reasons.
The first would be that it is the zone of ATH and the second is that we are near elections in the US, which have a huge impact on the crypto market.
Volatility is guaranteed soon so be careful!! We wait for weakenss to kick in after what we want to see a further movement to lower zones!
Swallow Team
Now that we are in a new weekly opening zone, we are monitoring the price of Bitcoin near this zone for multiple reasons.
The first would be that it is the zone of ATH and the second is that we are near elections in the US, which have a huge impact on the crypto market.
Volatility is guaranteed soon so be careful!! We wait for weakenss to kick in after what we want to see a further movement to lower zones!
Swallow Team
Note
Bitcoin is back near ATH zones and buyers are showing good dominance after breaking a smaller resistance zone (while leaving behind a CME gap).
As we mentioned yesterday as well, we have had a pretty pushy beginning of the week, so we are looking for the price to reach
73K zone (Zone of ATH). where we want to see some kind of liquidity hunting to begin (with long wicks).
If we do not see that liquidity hunting, then the other option is a sharp rejection and a claim of liquidity on lower zones (and there are a lot to claim).
So we have put our two possible entry zones for Bitcoin (once we see a rejection in the upper zones) so be ready!
Note
Bitcoin has nicely reached the all-time high zones, which was our target from yesterday’s plan.
Now that we’re in this zone, we’re looking for potential liquidity sweeps to occur, as well as any signs of weakness. If we see these indications, our expectation is for the price to retrace, filling the CME gap and normalizing the RSI, which is currently in overbought territory.
This recent price expansion appears to be driven by a ‘buy the rumor, sell the news’ effect, as anticipated.
Note
Bitcoin has had rather a calm movement after that bigger push to ATH zone (which, btw, we did not touch yet).
Now that's where it will get interesting, We are in the monthly candle closing currently, which, combined with being in the ATH zone + an upcoming election, is just a huge zone of manipulations and liquidity huntings.
Now we are still looking for a good correctional movement to come and we will have it either here or after a smaller expansion to upper zones (might even be a liquidity hunt, which would be normal at this state).
Note
Bitcoin has made a nice 5% of marketprice movement after getting rejected from our major resistance zone (near ATH).
So far, the price has done a good move and we are looking for further movement to happen to lower zones where first target is 66K (where unfilled CME gap is sitting at currently).
new month has started with sharp sell-off so let's see how far this downward movement will lead us.
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