In my experience in the markets, all price action follows 3 main market phases as below:
1) Consolidation: price ranges between two levels and consolidates between that area. 2) Expansion: Price action breaks out of the consolidation with high volatility making rapid impulsive and corrective waves, prior to the main trend direction to be determined. 3) Trend: The price action finally follows and market has a fixed sentiment where the trend takes place and the main direction of the financial instrument price goes.
* Observation
The market already passed Phase 1 "Contraction or Consolidation", and has commenced with Phase 2 "Expansion". The first top POI and the red Liquidity price line below it represent two possible price targets for Bitcoin. Why? The first top POI represents a previous strong support where all Long Positions have been killed, making it a strong resistance and a POI price that can be in the market makers' favor. The green line represents a very important price level where big institutions benefit from manipulating the price at that level, lots of SL hunts will be around there.
*Conclusion
My Profit Target for Bitcoin is :
TP 1: white POI price level ~42k TP 2: red Liquidity line price level ~39k TP 3: green consolidation line price level ~35k
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This isn't a financial advice. This is a personal trade I am in currently, and I am just sharing with you my theory. I appreciate you guys. Don't forget to like my idea if you agree with my analysis, or and comment for your thoughts and questions.