Trade Idea: Bottom for Bitcoin Might Be In
This chart suggests that Bitcoin may have found its bottom, with the potential for a bullish reversal. The following elements highlight this outlook:
1. Liquidity Zones:
- Liquidity/TP1: The chart highlights a take-profit zone (TP1) near the $64,000 level, where liquidity is expected to reside. This is the target area for the long trade.
- Prev. Monthly High: This is noted above the $70,000 level, potentially acting as a higher resistance level and extended target if momentum continues after TP1.
2. Entry Zone:
- The gray shaded area near the $55,000 level represents the entry zone, with liquidity around this price. This suggests that the price may have tapped into an important liquidity pool before starting its upward movement.
- External Liquidity: This region below the current price might have acted as a liquidity sweep, further confirming the bottoming pattern.
3. Fair Value Gap (FVG):
- The chart identifies a FVG (Fair Value Gap) around the $56,000 level, which could act as an area of interest. Price has filled this gap, possibly signaling the completion of its downward move.
4. Market Structure:
- The market appears to have tested lower liquidity levels and rejected them, potentially signaling that a local bottom has been established. The price action shows consolidation in the entry area, indicating accumulation before a potential upward move.
This trade idea would be well-suited for traders anticipating a medium-term bounce after Bitcoin’s recent downward movement.
This chart suggests that Bitcoin may have found its bottom, with the potential for a bullish reversal. The following elements highlight this outlook:
1. Liquidity Zones:
- Liquidity/TP1: The chart highlights a take-profit zone (TP1) near the $64,000 level, where liquidity is expected to reside. This is the target area for the long trade.
- Prev. Monthly High: This is noted above the $70,000 level, potentially acting as a higher resistance level and extended target if momentum continues after TP1.
2. Entry Zone:
- The gray shaded area near the $55,000 level represents the entry zone, with liquidity around this price. This suggests that the price may have tapped into an important liquidity pool before starting its upward movement.
- External Liquidity: This region below the current price might have acted as a liquidity sweep, further confirming the bottoming pattern.
3. Fair Value Gap (FVG):
- The chart identifies a FVG (Fair Value Gap) around the $56,000 level, which could act as an area of interest. Price has filled this gap, possibly signaling the completion of its downward move.
4. Market Structure:
- The market appears to have tested lower liquidity levels and rejected them, potentially signaling that a local bottom has been established. The price action shows consolidation in the entry area, indicating accumulation before a potential upward move.
This trade idea would be well-suited for traders anticipating a medium-term bounce after Bitcoin’s recent downward movement.
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💎💎 - Trading Course: liquiditysweep369.carrd.co/
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Disclaimer
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💎💎- Professional Trader
💎💎 - Discord: discord.gg/gHKNVMyEvd
💎💎 - Trading Course: liquiditysweep369.carrd.co/
💎💎 - Discord: discord.gg/gHKNVMyEvd
💎💎 - Trading Course: liquiditysweep369.carrd.co/
Related publications
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.