Weekend is coming - another liquidation coming?

Feb 7

BTC strongly bounced Monday and formed a daily candle with a massive bottom wick.  It is a bullish candle but that itself doesn't confirm the bull trend is going to start.  It was definitely the buy the dip moment for spot buyers and hodlers.

However, if people are trading, the obvious stop of Stop/Loss is just below that wick on the Monday candle.  Subsequent daily candles failed to close above 100K.   All daily momentum indicators are entering the bear zone. Now the price is steadily moving down.

Weekend is coming.  I can see another perfect setup for the long liquidation event.    I hope I am wrong.

I think the next few weeks are critical for the BTC bull.  Weekly MACD is touching but hasn't crossed yet, so I will continue to observe the price action.

If MACD lines clearly cross to the downside and stochastic has entered the bear zone. I would consider opening a short position.  I will use a daily chart to identify an entry.

It has been a very challenging market.

Feb 9

Trade active

The price dropped the the previous day and previous week low and the 4H candle moved and closed above EMA21.
MACD in 1H chart has entered the bull zone. So the bullish momentum is building up in the lower time frame.

If Daily candle closes above Fib 0.236 level but ideally above $120,350 are (the previous lower high) this week,BTC might start the next move to the upside.

Feb 10

Trade closed: target reached

Weekly MACD crossed to the downside, however, the past several daily candles are very indecisive.
Although daily momentums are still bearish, I can see bullish strength is building up in the lower timeframes.

At this stage, my bias is still to the upside.