AtomicStag2000

BTC ready for break-out, or ready to break-down?

BINANCE:BTCUSDT   Bitcoin / TetherUS
Last few days have been quite volatile and I saw some very unexpected moves on crypto market. First, this Adam&Eve pattern rejected with huge force, which also made sense as we descended to Golden pocket on Fib, which was also in small support level from 18th June. This quick climb was definitely fueled by short liquidations, which trapped many traders there. But the fuel ran out almost immediately, when we hit S/R zone between 20,600 and 20,800$. This is the zone we have tested how 3 times as resistance and those usually fail on the 4th attempt 🤞🏼
If we can get through, there's nothing stopping the price from reaching main Supply zone above 21,600$ - that is the catalyst for explosive move upwards where we could target 23-25k zones!

Just not to be irrationally bullish at this point - how market structure is set right now, I would not be in longs just yet. We are moving mainly sideways, being locked between 19 and 21k. While we are here, there is no clear trend. We just had golden cross of EMAs, but last one was very short lived.
Just below we have S/R zone 2 - which is right now playing as the middle of consolidation channel - I'm quite confident that even in case of a breakout here, we will still revisit this one later, to grab more liquidity for growth.
Or if we break it downwards, there is still the Big demand zone below 18k to be tested.

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