Symbol - BTCUSD
CMP 60700
Bitcoin is testing the previous major liquidity area which is around 59300 - 61000. Earlier it was consolidating around 65K levels & was trading in a range. Now it is witnessing a huge profit booking and declining sharply towards the liquidity area. A retracement towards 62000 - 62500 is likely.
In any case, If it is breaking 59000 level and sustaining below it then it may directly head to 50-51K which is next major support.
A double top pattern is visible on larger time frame. Breakdown of this pattern will lead to trend change/reversal. Hence breakdown of the neckline & sustaining below it will activate this double top pattern & then it will definitely test 51K level & then may touch 45K levels too.
P.S. : I'm actively tracking BTCUSD to make long positions around this liquidity zone to play a retracement & then I'll be looking to short around 62K levels with small SL & will add more position on breakdown of liquidity zone/neckline.
CMP 60700
Bitcoin is testing the previous major liquidity area which is around 59300 - 61000. Earlier it was consolidating around 65K levels & was trading in a range. Now it is witnessing a huge profit booking and declining sharply towards the liquidity area. A retracement towards 62000 - 62500 is likely.
In any case, If it is breaking 59000 level and sustaining below it then it may directly head to 50-51K which is next major support.
A double top pattern is visible on larger time frame. Breakdown of this pattern will lead to trend change/reversal. Hence breakdown of the neckline & sustaining below it will activate this double top pattern & then it will definitely test 51K level & then may touch 45K levels too.
P.S. : I'm actively tracking BTCUSD to make long positions around this liquidity zone to play a retracement & then I'll be looking to short around 62K levels with small SL & will add more position on breakdown of liquidity zone/neckline.
Trade active:
CMP 61500
Bitcoin slipped to lower end of the liquidity zone and now reversing 2500 points that's the retracement I was talking about. I had taken long positions to play this reversal. Now I'm out of long positions & will watch out the price reaction to 62000 - 62500 area & will try to make short positions with small SL if getting any short setup & opportunity.
Bitcoin slipped to lower end of the liquidity zone and now reversing 2500 points that's the retracement I was talking about. I had taken long positions to play this reversal. Now I'm out of long positions & will watch out the price reaction to 62000 - 62500 area & will try to make short positions with small SL if getting any short setup & opportunity.
Trade active:
CMP 62280
Time to look for short setup and create short positions!
Time to look for short setup and create short positions!