Bitcoin has officially broken bullish structure. The question is, how far will we actually end up dropping before the bulls inevitably take back control?
I have marked up a few areas of imbalance (purple boxes) where I think are likely to be good targets.
Price will always go where it will screw over the most retail traders. So, I have also marked up with “$” where I think lots of retail traders (bullish) are likely to have placed their SL’s; thereby creating a pool of liquidity that makes a good target for market makers who are actually driving the price.
I think we should see some last minute bulls hopping in between now and next week, driving price back up to the imbalance above - which also has confluence with a manipulation candle + is in a Fibonacci kill zone. Then, we may see a sudden drop in price to liquidate their positions below; afterwards a sharp push back up.
What do you think?