6.17 - Morning Update 🍪 | Yin Jun V
Yesterday's forecast of a directional breakout at 655 was validated after 8 AM with a spike piercing through the high of 668, as confirmed across the Silk Road market. This triggered a 'floodgate' selling pressure, plunging the price to 653 in just two hours, with a staggering volatility of 1500 points. The market switched emotions between bullish traps and forced liquidations, showcasing clear signs of liquidity hunting.
Today's chart action saw a deep V-shaped rebound, with prices hitting resistance at the 662 level, transitioning into a narrow range trading. The 15-minute Bollinger Bands are tightening, and while the MACD shows initial bullish momentum, the volume is lacking. On the 4-hour timeframe, bearish momentum is still being released robustly, with signals on different timeframes showing significant divergence. The market is caught in a typical 'downward continuation or bottoming' play window. The short-term supply zone between 66300-66500 acts as an overhead barrier, while the 65000 psychological level will determine the extent of bearishness. As we reach the end of this converging pattern, a breakout is imminent; we await directional clarity.
Trading Suggestions: For mid to long-term, look to buy around 638-633.
For short-term, target 665-670; watch for a breakout at 665, with a potential upside of 150 points. Set a stop at 660; if it falters, look to buy back at 638, targeting the 650-648 range.
#BTC☀ $BTC
Yesterday's forecast of a directional breakout at 655 was validated after 8 AM with a spike piercing through the high of 668, as confirmed across the Silk Road market. This triggered a 'floodgate' selling pressure, plunging the price to 653 in just two hours, with a staggering volatility of 1500 points. The market switched emotions between bullish traps and forced liquidations, showcasing clear signs of liquidity hunting.
Today's chart action saw a deep V-shaped rebound, with prices hitting resistance at the 662 level, transitioning into a narrow range trading. The 15-minute Bollinger Bands are tightening, and while the MACD shows initial bullish momentum, the volume is lacking. On the 4-hour timeframe, bearish momentum is still being released robustly, with signals on different timeframes showing significant divergence. The market is caught in a typical 'downward continuation or bottoming' play window. The short-term supply zone between 66300-66500 acts as an overhead barrier, while the 65000 psychological level will determine the extent of bearishness. As we reach the end of this converging pattern, a breakout is imminent; we await directional clarity.
Trading Suggestions: For mid to long-term, look to buy around 638-633.
For short-term, target 665-670; watch for a breakout at 665, with a potential upside of 150 points. Set a stop at 660; if it falters, look to buy back at 638, targeting the 650-648 range.
#BTC☀ $BTC