As predicted, Bitcoin$BTC closed below the recent range high yesterday, confirming that last week's breakout was a false breakout. The price has currently pulled back into the previous range, with the low around $62,800. Additionally, most of the remaining downside liquidity has not yet been cleared, so market makers will soon attempt to eliminate this liquidity. I expect the current uptrend (blue) will soon break downwards. After that, I will monitor whether the price will retest this breakout point again, so we can add to short positions. Subsequently, I expect the price to fall rapidly to the range low and further decline towards my primary liquidity target around $51,800.
As predicted, Bitcoin$BTC closed below the recent range high yesterday, confirming that last week's breakout was a false breakout. The price has currently pulled back into the previous range, with the low around $62,800. Additionally, most of the remaining downside liquidity has not yet been cleared, so market makers will soon attempt to eliminate this liquidity. I expect the current uptrend (blue) will soon break downwards. After that, I will monitor whether the price will retest this breakout point again, so we can add to short positions. Subsequently, I expect the price to fall rapidly to the range low and further decline towards my primary liquidity target around $51,800.