Short

Bitcoin (BTC): Possible Turning Point / Correctional Move?

Bitcoin seems to form some kind of turning point where price is showing signs of weakness and a possible MSB to form on smaller timeframes of hourly and 4-hour.

Our first target here is to break that middle line of Bollinger bands (the green/red line that follows the price below).

As soon as we see a break of it, we will be looking for price to re-test the EMAs and possible bounce from there!!

Swallow Team

Note

Bitcoin is still trading below the 100K zone, not being able to touch even with the wick in this zone.

With tents growing near this zone, both buyers and sellers are accumulating their positions and bringing in more volume (which, at the end, will most likely result in liquidation hunting).

Our gameplan for Bitcoin remains the same so now we keep our attentions at 100EMA (where we should see the first breakdown).

Note

Bitcoin has bounced from 100EMA, where our attentions were since yesterday.

Although we were looking for a breakdown, we did not get it yet, so we still waited!

Price has bounced from this zone and now is trading between 100K and that 100EMA line, which puts the Bitcoin under huge pressure.

2 possible ways to go but we are looking only for the one outcome from here and that's where our focus remains!

We want to see a break of 100EMA, which would give us a kickstart for the downward movement that we are seeking. So we keep waiting for perfect entry and more confirmations!!

Note

Bitcoin has broken the threshold of 100K, which has been a major zone to be accomplished (6 Figure Price).

Now that we have reached this zone, which has been acting as a magnet with 4 failed attempts to break it fully, we have done it now, but what does it mean?

Well, major resistance has been tested and reached and now we are expecting to see a re-test, which we want to see fail and lead price back to 94K.

Once we see the price reach this zone, we will be looking for a proper MSB (market structure break), which would then result in the long-waited final correctional movement that we have been waiting for.

Now don't rush into trade as this setup needs more confirmations, so we wait 😉

Note

Buyers failed to secure the 100K zone, where upon breaking that psychological resistance of $100,000 we did get a smaller liquidity grab on upper zones and then a bigger one on lower zones.

Now this liquidity grab showed the dominance of sellers near this zone and a possible movement to side or downward to come.

We are keeping an eye no again on that resistance zone, as if buyers manage to take back control near this zone we might just skyrocket from here, but if they fail then we might start a proper correction here until the end of the month!!

So all attention is right now on 100K and liquidity zones; it will be a fun ride so be careful!!

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