This chart highlights key price action and liquidity zones for Bitcoin (BTC), along with the recent fractal alignment for 2024, suggesting potential continuation or reversal points. Here's a detailed breakdown:
Liquidity Zone (Marked at the Base):
The price previously consolidated and generated liquidity before breaking out.
This zone acted as a magnet for buyers, pushing the price higher.
Fakeout Above Resistance (First Key Zone):
The breakout above resistance turned out to be a false move.
Traders were likely trapped during this fakeout, leading to a quick reversal back into the range.
This is a classic liquidity-grab scenario where large players use market euphoria to their advantage.
Deviation Below Support (Second Key Zone):
After the fakeout, the price dropped sharply below the range, creating a deviation zone.
This move aimed to shake out weak hands before reclaiming the support zone.
The deviation confirmed itself as a bullish signal when the price quickly retraced back into the range.
2024 Fractal Breakout (Recent Price Action):
The recent sharp rally aligns with a historical fractal pattern from 2024, suggesting the start of a trend continuation phase.
The price decisively broke above the previous resistance at $103,508, turning it into support.
Key Levels:
Support Level: $90,786 — This is the lower bound of the range where the deviation occurred, now a critical support zone.
Resistance Level: $103,508 — Previously a resistance zone, now flipped into support, acting as the foundation for further upside potential.
Liquidity Zone (Marked at the Base):
The price previously consolidated and generated liquidity before breaking out.
This zone acted as a magnet for buyers, pushing the price higher.
Fakeout Above Resistance (First Key Zone):
The breakout above resistance turned out to be a false move.
Traders were likely trapped during this fakeout, leading to a quick reversal back into the range.
This is a classic liquidity-grab scenario where large players use market euphoria to their advantage.
Deviation Below Support (Second Key Zone):
After the fakeout, the price dropped sharply below the range, creating a deviation zone.
This move aimed to shake out weak hands before reclaiming the support zone.
The deviation confirmed itself as a bullish signal when the price quickly retraced back into the range.
2024 Fractal Breakout (Recent Price Action):
The recent sharp rally aligns with a historical fractal pattern from 2024, suggesting the start of a trend continuation phase.
The price decisively broke above the previous resistance at $103,508, turning it into support.
Key Levels:
Support Level: $90,786 — This is the lower bound of the range where the deviation occurred, now a critical support zone.
Resistance Level: $103,508 — Previously a resistance zone, now flipped into support, acting as the foundation for further upside potential.
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.
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.