Geopolitical tension is causing fear in the markets. Today, Bitcoin fell from $107.7k to current price $105k with no sign of buyer support whatsoever, printing 11 consecutive H1 red candles intraday. Like a hot knife through butter.
At $105k, there is very little support. Sell volume absolutely overshadowed the tiny buy volume. Bulls have yet to close a green candle. I believe in the next few hours Bitcoin will be trading at $104k, followed by the first stop $102k.
$102k can serve as an entry point, depending on how price reacts. $100k is the optimal entry point for maximum profit, after mass liquidations. Retail traders are confident that the liquidity hunt is over after the initial tap, placing stops and liquidation levels at $100k.
Invalidation level will be beyond the 200SMA. The 200SMA have historically proven itself time and time again as a safe zone during rallies after golden crosses.
At $105k, there is very little support. Sell volume absolutely overshadowed the tiny buy volume. Bulls have yet to close a green candle. I believe in the next few hours Bitcoin will be trading at $104k, followed by the first stop $102k.
$102k can serve as an entry point, depending on how price reacts. $100k is the optimal entry point for maximum profit, after mass liquidations. Retail traders are confident that the liquidity hunt is over after the initial tap, placing stops and liquidation levels at $100k.
Invalidation level will be beyond the 200SMA. The 200SMA have historically proven itself time and time again as a safe zone during rallies after golden crosses.
Note
Price fell through $105k like it was nothing. Current price = $104,500Note
13 consecutive red candles on the H1 chart. Is this a first?
The daily timeframe 50SMA is serving as support @ $103.8k, but there it is lacking follow up with volume. If it breaks below, next support is $101k.
Note
The 50SMA is still holding up, and volume is starting to pick up. Looking at the M15 timeframe we can see four large green candles from the 50SMA. If buyers are able to reclaim $106k, it will confirm the support rejection and move towards $108k
Note
Buyers stepping in to defend the $104k zone. In order to confirm a full reversal, price must close above $107k (above H4 moving averages).
Note
M15 chart shows buying pressure deteriorating, breaking below the ascending triangle and challenging the 50SMA.
Trade active
Bitcoin flushed below 100k, followed by a strong reclaim of 100k. Even while Bitcoin crashed below 100k amidst the Middle East conflict, hodlers did not panic sell. When the US bombed Iran, Bitcoin stood firm against what logic says it should do. This shows extremely strong bullish sentiment.
BTC ETFs continue to print inflows day after day.
Now we have two VERY positive developments for Bitcoin:
-Israel-Iran ceasefire, which may finally be the end of the proxy war.
-Top Fed officials leaning towards a rate cut, possibly as soon as July.
See you at the top.
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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.