Hello traders 👋! I already shared an idea 💡that btc will be ranging this week-end from 39,370$ to 39,930$ 💵 (see the chart bellow) but the real question is WHEN RALLY and WHERE ?
I think the first movements we that will be seeing is at the Asian trading session 🐉 begining, In this session we will be seeing a fakeout or a stop loss hunt to the opposing side than a rally to the main trend direction.
Put simply, if the market makers wants the prices to go down, they will do a fakeout to the top hiting the short SL by making a new high than heading to the bottom. or heading to the bottom Hitting the long SL than going back to the top ! This is known as "LIQUIDITY GRAB"
This pattern is exclusive for post week-end trading ! ______________________________________________
So, where are we heading ?
DOWN ! WE"RE GOING DOWN ! 📉 Why ?
THE FED. The federal reserve declarations latetly has been causing the markets to rush into fear 😱 specially the declarations about selling their risky assets and rising interest rates to fight inflation caused by the distribution chain & the Russian war.
Therefore, we will be seeing more downtrend in correlation with the S&P500 index, since lately BTC has been correlated 70% with the NASDAQ & more than that with the S&P.
If you found this idea insightfull please hit the like button and share with me your opinion down in the comment.
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We broke the channel and we got back to it, ouufff such a shakeout !
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LONG Entry : 39,451 - 39,500 $ SL : 39,329 TP : the top of the channel