Bitcoin Looking Heavy but Still Finding Support
-BTCUSD is looking a tad heavy these few days, drifting toward the bottom of the nearer dealing range between 24260 and 22230 price levels.
-I believe Bitcoin will try to break out to the downside reaching for the discount end of the greater dealing range set by the rally from Jan 18 low to Feb 1 high. At the time of writing, bottom end of the nearer dealing range is still holding. I am anticipating a breakdown but could see small range trading happen until a liquidity injection event sends price lower.
-Bias: Bearish
-Why? There is sellside liquidity below the 22230 level which I believe the algo will reach for.
-Targets: 22230 and 21650 into the daily +orderblock.
-I believe Bitcoin will try to break out to the downside reaching for the discount end of the greater dealing range set by the rally from Jan 18 low to Feb 1 high. At the time of writing, bottom end of the nearer dealing range is still holding. I am anticipating a breakdown but could see small range trading happen until a liquidity injection event sends price lower.
-Bias: Bearish
-Why? There is sellside liquidity below the 22230 level which I believe the algo will reach for.
-Targets: 22230 and 21650 into the daily +orderblock.
Comment:
As outlined, bitcoin dropped aggressively toward the 21650 target to fill in the imbalance left during the run up that occurred in mid to late January.
Comment:
21650 target hit.