This morning, I just noticed that Bitcoin is taking a dive again, and it's testing a short-term support level after several hours of sideways action.
What's worth noting is that the price has shown signs of breaking down below a demand zone that has held for quite a while. If BTC doesn't reclaim this area in the next few candlesticks, there's a high chance it will continue to hunt for liquidity at the nearest bottom.
On the flip side, if this is just a liquidity sweep and the price quickly regains the lost support zone, we could witness a pretty sweet short squeeze.
Right now, the short-term structure still leans slightly bearish with a series of Lower Highs and Lower Lows.
Today might be a day to keep an eye on price reactions rather than FOMOing based on the candles.
š» or š? Which team are you on?
#BTC $BTC
What's worth noting is that the price has shown signs of breaking down below a demand zone that has held for quite a while. If BTC doesn't reclaim this area in the next few candlesticks, there's a high chance it will continue to hunt for liquidity at the nearest bottom.
On the flip side, if this is just a liquidity sweep and the price quickly regains the lost support zone, we could witness a pretty sweet short squeeze.
Right now, the short-term structure still leans slightly bearish with a series of Lower Highs and Lower Lows.
Today might be a day to keep an eye on price reactions rather than FOMOing based on the candles.
š» or š? Which team are you on?
#BTC $BTC