Bitcoin targeting $33K, and dropping to $32K!!!

Jul 12, 2021

BTCUSD

Bitcoin as we know is overall bearish on Higher Time Frames. I mark off my daily balanced-price key-levels and look for support or resistance. Currently we are resisting a key balanced price level, the recent buy trend on the smaller time frames was a run on buyside liquidity to indicate manipulation and accumulation to ultimately distribute to the downside. Price offered 62% premium to sellers and we are currently seeing new orders being placed at $34,500 key level. Price will return back to $33,000 and ultimately drop through to $32,500.

Marking off the mirrored ranges on the 1H indicates that this current range is fulfilled and the accumulation is coming to an end. Distribution will begin to unfold, targeting lower prices based on the resistance we are finding within the balanced price range from the daily level.

If you notice on the 1H there are bigger mirroring-ranges (red ranges) that total roughly 1955 points each, and smaller mirroring-ranges (blue ranges) that total 1290points each. The current range has been completed at 1955 point roughly, so it is now time to get back in line with institutional order-flow and overall directional bias; thus, distributing back down to lower prices and beginning a new smaller mirroring-range.

It is currently Monday morning in China as I right this at 10PM EST, which tells me we will see the Chinese version of NYC volatility tonight given China controls a lot of the bitcoin, "so I have heard at least." With all of this in mind, I am bearish on Bitcoin for a day trade/short term trade back down to $32,500.