Smart Money is accumulating for the next markup a.k.a bull run, that's the fact. The question is, are they done accumulating?
As you can see on this weekly BTC chart, there're still many unfilled gaps both above and below the current price.
If they're planning to take profit at a new ATH by the next 2024 halving, they're gonna need an extremely high liquidity.
They'd clear the gaps below, break 32K, clear the gaps above (creating other gaps in the process),
take those new gaps by moving the price down again, then finally break 48K.
They can also clear the gaps above first, before going deeper down again.
While gaps don't always get filled, it's important to take those into your point of interest.
If you're a long term investor, crypto won't go anywhere, it will keep growing by the day, just DCA your positions, BTC is still in a discount zone.
If you're a swing trader, pay close attention to these order blocks and gaps on the chart for a potential swing trade opportunity.
As you can see on this weekly BTC chart, there're still many unfilled gaps both above and below the current price.
If they're planning to take profit at a new ATH by the next 2024 halving, they're gonna need an extremely high liquidity.
They'd clear the gaps below, break 32K, clear the gaps above (creating other gaps in the process),
take those new gaps by moving the price down again, then finally break 48K.
They can also clear the gaps above first, before going deeper down again.
While gaps don't always get filled, it's important to take those into your point of interest.
If you're a long term investor, crypto won't go anywhere, it will keep growing by the day, just DCA your positions, BTC is still in a discount zone.
If you're a swing trader, pay close attention to these order blocks and gaps on the chart for a potential swing trade opportunity.
Comment:
BTC has finally reached the dense part of the weekly bearish order block.
If BTC manages to break, close, and fix the price above this order block, it has a high probability to get to the next extreme which is at $48K.
If this order block strongly rejects BTC, BTC might just consolidate near this key level or go down to the weekly bullish order block, before breaking the bearish ob.
The bulls are still dominant.
Will update this idea again once it's confirmed.
If BTC manages to break, close, and fix the price above this order block, it has a high probability to get to the next extreme which is at $48K.
If this order block strongly rejects BTC, BTC might just consolidate near this key level or go down to the weekly bullish order block, before breaking the bearish ob.
The bulls are still dominant.
Will update this idea again once it's confirmed.
Comment:
BTC got rejected at the weekly bearish order block, and is now correcting.
This OB will be tough to break.
This aligns with DXY gaining strength after reaching a strong support zone that gets respected most of the time (previously a strong resistance zone).
It's safe to say that BTC might correct until DXY goes up to its previous high, gets rejected there, and goes down again.
BTC is in accumulation phase, but it won't go straight to the moon in a very short amount of time.
We're slowly building up until markup phase.
This OB will be tough to break.
This aligns with DXY gaining strength after reaching a strong support zone that gets respected most of the time (previously a strong resistance zone).
It's safe to say that BTC might correct until DXY goes up to its previous high, gets rejected there, and goes down again.
BTC is in accumulation phase, but it won't go straight to the moon in a very short amount of time.
We're slowly building up until markup phase.
NOT A FINANCIAL ADVICE
DO YOUR OWN RESEARCH
YOUR MONEY IS YOUR OWN RESPONSIBILITY
DO YOUR OWN RESEARCH
YOUR MONEY IS YOUR OWN RESPONSIBILITY
One super move is guaranteed to happen soon, and that move is guaranteed to take most of liquidity from the gaps above and/or below.