Yesterday I viewed it according to scenario 1: $BTC it would rise a bit and then drop down, and the result was BTC climbed to 82K4 before dropping down as it is now.
Today I'm prioritizing a short-term short, as MM might lean towards pushing the price down further to liquidate some LONGs first.
Technical analysis:
- The 1D chart shows that the price has confirmed a strong sell zone above 82K (which is where the 200 EMA acts as solid resistance on the 1D). This is the second time the price has approached this area but got rejected and sold down. This zone is like a whale's den, not a pothole; breaking through this resistance isn’t simple. It needs to be chipped away gradually, absorbing some of the sell pressure before it can push up again.
- The 4H chart shows we are in a correction phase, and momentum is showing signs of weakening.
- The 1H chart indicates we are in a strong correction phase, with the RSI showing a bearish divergence. Last night was exactly when the price ran to sweep liquidity.
In conclusion, the data from the three timeframes suggests that BTC has a bearish trend in the short term.
Leverage data analysis:
- The current liquidity zone from yesterday at 81k5 has been wiped clean, pushing up to 82K4, showing that the bull tried to compensate for the previous day's food shortage as the plan shared by the Admin yesterday indicated. Since there was less eating yesterday, today it's time to make up for it.
- Over the past 24 hours, the amount the bull has consumed has stabilized, just enough to compensate for yesterday, so today there's a high probability that we will follow technical analysis instead of aggressively hunting liquidity.
- The heatmap is indicating two zones: 83K and 80K2.
In summary, based on the above data, the Admin has two scenarios:
Scenario 1: The price will continue to dip from the current entry down to the 80K - 80K2 zone, gradually sweeping the current LONG positions, as the crowd is still expecting a bullish market and they are still LONG. The Admin's view is that it will at least reach the 80K2 zone. At that point, depending on market data, we can look for a LONG entry in that area.
Scenario 2: The price might drop all the way to 79K3, even though there's less money there, it can still bounce back. Setting up a LONG position based on the 4H technical setup there is fine.
The Admin is leaning more towards Scenario 2, as the LONG positions are still holding strong.
Action: Wait for the price to pull back a bit according to technical analysis and then set up a short position for a quick trade with a short TP, scalp.
Everyone, stay close to the plan, okay? Cheers.
