Bitcoin / TetherLong
BTCUSDT
This is an update to my previous idea on Bitcoin, where I discussed a long-term short position on the monthly timeframe. I recommend scrolling through my profile to find that idea. Today, I'll provide a brief analysis on the daily timeframe, where I'm looking for a possible long position.
After an accumulation phase that lasted from March to August, price manipulation occurred, followed by the absorption of liquidity in the form of the previous month's low and an imbalance on the weekly timeframe. Then, on the local timeframe, a break of structure occurred, leading to a sharp markup in the asset towards the imbalance at the $62,000 level on the 12-hour timeframe.
While many might open short positions from this imbalance, I anticipate a short-term bearish move towards the order and mitigation blocks, as well as the Fibonacci levels of 0.618 and 0.5, which are located in the discount zone around the $57,000–$55,000 price levels. After this, I expect the bullish trend to continue, with a likely absorption of the stop losses of those who opened short positions at the imbalance, followed by the absorption of liquidity in the form of the previous month's high.
After an accumulation phase that lasted from March to August, price manipulation occurred, followed by the absorption of liquidity in the form of the previous month's low and an imbalance on the weekly timeframe. Then, on the local timeframe, a break of structure occurred, leading to a sharp markup in the asset towards the imbalance at the $62,000 level on the 12-hour timeframe.
While many might open short positions from this imbalance, I anticipate a short-term bearish move towards the order and mitigation blocks, as well as the Fibonacci levels of 0.618 and 0.5, which are located in the discount zone around the $57,000–$55,000 price levels. After this, I expect the bullish trend to continue, with a likely absorption of the stop losses of those who opened short positions at the imbalance, followed by the absorption of liquidity in the form of the previous month's high.
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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.