AlphaTheta 1 minutes reading from Bitcoin

BTC Weekly: BTC Weekly Hitting Massive Resistance

BTC Weekly looking spicy:

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Weekly got a nasty rejection at 20k to close beneath the prev weekly candle yet price closed above the prev weekly low, as well as the 2017 ATH weekly close...

Price is clearly just range bound but taking volume into consideration, this is the largest in history on the Binance USDT chart, which suggests a larger move is loading.

Above is the bear market trending resistance, which will be hard to crack considering the macro environment. The psychological levels of 20k, as well as the 2017 ATH sit just above. But what lies below is far more interesting...

At June's low of 17.6k, you can also find December's low from 2020 that preceded the last bull run. These equal lows have a boat load of liquidity untapped and screaming to be tested.

With heaps of liquidity beneath, the ideal situation is to see June's lows tested with a close above, followed by a liquidity sweep. In this scenario, bulls get stopped out and bears short thinking it's going to 14k, resulting in mass liquidity.

This is perhaps the move that provides BTC with the liquidity needed to break the bear market trend.

Keeping in mind the macro and geopolitical conditions, anything can happen. 16k and 14k are realistic levels if CreditSuisse default or Russia and Nato go to war.

This post is based on this twitter thread.


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