Legend: - Blue lines are Monthly, Weekly and Daily highs. - Red lines are Monthly, Weekly and Daily lows. - The thinner the lower timeframe - Green lines are supply downtrend from different highs.
Resistances: 1- $35.750 is the old weekly high as the first strong resistance 2- $36.600 is the highest daily breach of the old weekly high, possible breakout point 3- 50 period MA will be at $36.573 on Sunday coupled with the old weekly high 4- $39.380 is the prievious weekly high as the second strong resistance 5- $41.330 is June High, standing as the strongest resistance
Analysis: Price will always move towards liquidation as this is the job of market makers, so whenever a new trend starts, we see a move in the opposite direction in order to liquidate weak hands.
This has just happened and weak hands who shorted below 33K yesterday are now in FOMO mode and will buy back just to get slashed. Given the strong resistances ahead, we need to see a very strong upward price action to clear these levels in order to turn bullish. Right now, there's a short term move up that has already started to meet these resistances and it's far from being a strong breakout.
If you want to trade in sideways markets, use the old monthly, weekly and daily highs / lows as resistanance and support levels BUT, understand that these levels will be reached AND breached in order to liquidate weak hands.
Hi BM, can you elaborate more on the idea of price moving towards liquidation?
BitcoinMillio18
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@notjunk0, just posted an update on this
Ismailrshed
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Market makers always doing opposite the public direction inorder to increase the fear/Greed then they can collect their assets before pumping the market again
So, In all scenarios we might see 26-28k range before the spring
BitcoinMillio18
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@Ismailrshed, i think we will have a new accumulation block in 20's and the spring will do the final quick shakeout to higher 10's before the new uptrend begins.