If you notice the prior history of the liquidation events, as we just experienced, usually a larger move in the opposite direction occurs, sometimes after a smaller reaction and correction.
You will notice that downside momentum seems to be slowing, indicators are diverging, there is no strong resistance until the indicated lvls. To be fair, there's not much support left either. It's preferable BTC holds that 4hr and closes the weekly candle (in 1 day) positively.
While I expect a move up, it is somewhat worrisome that BTC is struggling so much in this region overall. In a way, this is a sign of great strength if that move up to strong new ATH does eventually occur, because BTC is barely retracing in overall terms between each impulse up. However a break below the indicated base is EXTREMELY bad, likely resulting in a drop to the low 70ks, which would be devastating to the crypto market--unless said break is short-lived.
You will notice that downside momentum seems to be slowing, indicators are diverging, there is no strong resistance until the indicated lvls. To be fair, there's not much support left either. It's preferable BTC holds that 4hr and closes the weekly candle (in 1 day) positively.
While I expect a move up, it is somewhat worrisome that BTC is struggling so much in this region overall. In a way, this is a sign of great strength if that move up to strong new ATH does eventually occur, because BTC is barely retracing in overall terms between each impulse up. However a break below the indicated base is EXTREMELY bad, likely resulting in a drop to the low 70ks, which would be devastating to the crypto market--unless said break is short-lived.
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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.