Weekend is coming - another liquidation coming? BTC strongly bounced Monday and formed a daily candle with a massive bottom wick.Β It is a bullish candle but that itself doesn't confirm the bull trend is going to start.Β It was definitely the buy the dip moment for spot buyers and hodlers.
However, if people are trading, the obvious stop of Stop/Loss is just below that wick on the Monday candle.Β Subsequent daily candles failed to close above 100K.Β Β All daily momentum indicators are entering the bear zone. Now the price is steadily moving down.
Weekend is coming.Β I can see another perfect setup for the long liquidation event.Β Β I hope I am wrong.
I think the next few weeks are critical for the BTC bull.Β Weekly MACD is touching but hasn't crossed yet, so I will continue to observe the price action.
If MACD lines clearly cross to the downside and stochastic has entered the bear zone. I would consider opening a short position.Β I will use a daily chart to identify an entry.
It has been a very challenging market.