The bears look to be taking control of BTC right now!
This rally might be over, let me explain 🧵
Earlier this week I outlined in my discord (it's free to join & I don't sell anything, shush) that I don't believe this current crypto rally was sustainable let alone the start of the next bull run...
Fast forward to today (20/01/23), price action is looking to show its first sign of weakness in these "bullish" times.
Failure to break & sustain above the 21k region shows this rally has simply acted as a liquidity grab rally to make price efficient again, since the FTX saga
Now, once we zoom in to the LTF's we can see what price has really been up to at the 21k level. Making consistent HHs & HLs, it runs out of momentum at this key level and break structure to the downside. This shows us buyers could be running dry & the sell pressure increasing 🚨
Now taking it one step further we zoom in once more. This allows us to see the damage & highlight the momentum shift to the sellers side. I have attached an area of interest, sell zone if you will, that I believe price would look to tap before continuing lower...
Now, all this playing out would be best case scenario so here is a list of what price could do -
1) Collapse without tapping my sell zone 2) Disregard my sell zone and continue up to tap my point of interest highlighted in the first photo around 22k 🚨
What do you all think?
Remember, this is all just my opinion & most definitely not financial advice in any way. love you all ♥️ CryptoNews BTC CryptoThis post is based on this twitter thread.