The best bet for Bitcoin(June 25, 2023)
Updated
As of June 25, 2023, Bitcoin's narrative strongly favors short sellers in the mid to long-term for the following reasons:
1) Clear CPD fractals are playing out on weekly and daily time frames
2) Major pivot points have decisively engulfed the previous nodes of the ascending legs
3) Buy-side liquidity rests just above 32659k
4) An exhausted RSI, It's completing the final leg of its QM (or broadening triangle) pattern
+ A bunch of other reasons exclusive to my personal trading method(not mentioning to avoid complexity)
Whether the price moves towards the CME gap (34455-35180) to fill the imbalance remains uncertain. In case of ignoring the 32659k, a fast rejection through a wick to the mentioned gap and immediate reversal is a possibility; however, a decisive breakout and pullback to the node(Ignore level) invalidates my analysis.
The next stop in case of invalidation is the maximum pain level at around 38k, from which I do expect a reversal with huge order flow that could take bitocin to sub 12k levels.
FaN-
1) Clear CPD fractals are playing out on weekly and daily time frames
2) Major pivot points have decisively engulfed the previous nodes of the ascending legs
3) Buy-side liquidity rests just above 32659k
4) An exhausted RSI, It's completing the final leg of its QM (or broadening triangle) pattern
+ A bunch of other reasons exclusive to my personal trading method(not mentioning to avoid complexity)
Whether the price moves towards the CME gap (34455-35180) to fill the imbalance remains uncertain. In case of ignoring the 32659k, a fast rejection through a wick to the mentioned gap and immediate reversal is a possibility; however, a decisive breakout and pullback to the node(Ignore level) invalidates my analysis.
The next stop in case of invalidation is the maximum pain level at around 38k, from which I do expect a reversal with huge order flow that could take bitocin to sub 12k levels.
FaN-
Comment
Price did not grab the liquidity but moved in our direction perfectly. Every retracement to the upside could be viewed as a selling opportunity on lower tf. Consider taking positions at trading edges to avoid getting stopped out on your trades as the whole crypto market lacks liquidity rn.
FaN-
Comment
The real pain is yet to come. Still plenty of room for downside :)FaN-
Comment
Dollar index on its way to the upside.Price now seeks pools of liquidity to gain power for the major leg to the downside.
End of this analysis.
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