📉 BTC closed the week at 19,439 level. BTC week toptraders
Sideways movement continues in a narrow range [18,500-20,400] ✅ Removed local liquidity to buy at 22,000 ✅ Withdrawn liquidity to sell at 18,500
🔘 Total market cap (TOTAL) falls below MA200
(historically these are extremely brief moments, coinciding with the "bottom" of the market).
➕ Tested the local RSI trendline and bounce from it (the nearest resistance is the global downtrend from Jan 2021)
➕ The price is in the support zone [formed by the ATH 2017] ➕ Formed a tightly traded zone [18,000-21,000]. Up to the level of 29,000 there is minimal trading. ➕ Growing volumes in the sideways area portend a powerful move ➕ Potential Double Bottom (DD)
➖Bear trend ➖Continuing to accumulate under the MA200 ➖Fear index is already at 25 (in June it was down to 6) ➖RSI is in the bearish zone ➖Still did not reach the main SL zone [17,600] ➖Considering the macroeconomic situation, the downside probability is increasing
5/7 ➖Formed a local trend liquidity to sell (range of 18,1k-19k)
➖Removed liquidity to buy from the previous week's high and closed lower by the weekly candlestick shadow
➖[3D TF] Formed a takeover after withdrawn liquidity to sell (increasing the probability of going down)
Conclusions: The drop from 40,000 occurred without correction to the resistance zone, and while we are above a significant support zone (ATH 2017) the LONG priority remains. It is possible that the stops will be removed from the level of 17,600.
▪️ Fixing the level above 24,000 ▪️ 25,000-27,000 — interest zone (withdrawal of liquidity to buy from the top of the range) ▪️ Test global resistance zone 29,000-32,000
A more detailed review will come with 3D analytics update:
Telegram: Contact @toptraderscomaimg class="featured-image img-fluid" src="/media/blog_lnk0/1579751512527736832_1579751525727211523_1.jpg" alt="Telegram: Contact @toptraderscom">This post is based on this twitter thread.