Bitcoin’s recent price action remains within a defined trading channel, with most closes near the range high. This level aligns with the value area high, a major liquidity zone, and the 0.618 Fibonacci retracement, making it a critical area to monitor for potential reversals.
Key Points:
• Liquidity at Range High: Bitcoin is trading near the value area high, where a significant amount of liquidity is resting at the 0.618 Fibonacci level.
• Range Low Untested: The value area low, which aligns with the range low, has not yet been retested, increasing the probability of a move toward this level.
• Rotational Price Action: Price remains in a rotational phase, but confirmation will come once the lower range is tested.
• Potential Short Setup: A short entry could emerge if Bitcoin sweeps the liquidity above the value area high and the 0.618 Fibonacci before showing signs of weakness. However, this setup remains anticipatory and requires further confirmation.
Bitcoin’s price structure suggests the market is still undecided, with liquidity playing a key role in shaping future movement. If the value area low remains untouched, a retest could provide more clarity on directional bias. Traders should remain patient and wait for confirmation before committing to a trade.
As price action continues to develop, monitoring how Bitcoin reacts around these key levels will be essential. Whether the rotation completes or the price holds above resistance will determine the next major move.
Key Points:
• Liquidity at Range High: Bitcoin is trading near the value area high, where a significant amount of liquidity is resting at the 0.618 Fibonacci level.
• Range Low Untested: The value area low, which aligns with the range low, has not yet been retested, increasing the probability of a move toward this level.
• Rotational Price Action: Price remains in a rotational phase, but confirmation will come once the lower range is tested.
• Potential Short Setup: A short entry could emerge if Bitcoin sweeps the liquidity above the value area high and the 0.618 Fibonacci before showing signs of weakness. However, this setup remains anticipatory and requires further confirmation.
Bitcoin’s price structure suggests the market is still undecided, with liquidity playing a key role in shaping future movement. If the value area low remains untouched, a retest could provide more clarity on directional bias. Traders should remain patient and wait for confirmation before committing to a trade.
As price action continues to develop, monitoring how Bitcoin reacts around these key levels will be essential. Whether the rotation completes or the price holds above resistance will determine the next major move.
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Join our free telegram for market updates: t.me/chartdoctorsanconsultants
Trade here with the best exchange: blofin.com/invite/alchemisttrader
Trade here with the best exchange: blofin.com/invite/alchemisttrader
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.