Typical range play. Swept the initial high, swept the initial range low, deviated below the initial range low, now making potential swing failures above the range. The next closes inside the range will probably result in a nuke towards 50k and ultimately to the range lows below 45k, potentially filling the void that resulted in the Tesla BTC announcement and maybe a flash crash to get the low before the Tesla announcement. Ideally the range lows are reclaim FAST and continuation is expected. Fractal from BTC 2017. You know what came after....
Yearly TWAP confluence around the same area as well, strong institutional bid on previous tags.
Context: FED changes SLR requirements (March 19th, 2021) in the banking sector = short term deleveraging of the markets ahead? Inflation hitting harder later in to the year, bitcoin moons, everyone gets a girlfriend.
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"The next closes inside the range will probably result in a nuke towards 50k and ultimately to the range lows below 45k"
Back inside the range now, possibility for 51k and 45k (or even below it) is now open
i dont think so. BTC will consolidate here for some days and will go up
zergbur
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@JohnBat,yep agree, it's possible. Just to be prepared for everything, ranges are a bit** with deviations on each side. The bigger trend will still stay the same, especially considering the last dumps have resulted on the same type of dumps below range lows, consolidated and pumped to new highs.