$BTC - OOF lots of liquidations last night

BINANCE:BTCUSDT   Bitcoin / TetherUS
Stinker overnight - 1.5bn liquidations on Binance. Wow. 18.5% drop whereas previous correction was 28%
Could indicate further to go:
Reclaim of this 3.0 MACRO fib would print a higher high, and could provide support
BUT 0.618 fib and the downward trend line will be strong confluence of resistance
1W chart, if we don't close above last weeks candlestick high (line chart high) come Sunday midnight, we will have 1W TF confirmed bearish divergence - could take us to as low as 40K
Today or tomorrow will be looking for 4HR oversold bullish divs for another entry, which may provide enough momentum to push above the high we need to get above come the end of the week
Last correction moved much slower - not as big wick in the hour, but we had leg down, leg up, leg back down
That leg up was capped at the 0.786 of swing high to swing low, in this case - $56,000 - could be good short opportunity
Lets see...


Wow you are spot on with the downtrend!
+1 Reply
@SharjeelM, cheers, the key candle was 30 minute candle that closed at 01:00 this morning UK time, showed rejection from the kneckline of the double bottom/W recovery pattern which invalidated it. False bounce at support and more fall. Weird how correct that arrow drawing was though lol
+1 Reply
SharjeelM InvestmentsHub
@InvestmentsHub, Yep definitely weird lol. Due to the recent volatility of BTC, when do you predict it will stabilise again and at what price?
+1 Reply
@SharjeelM, we consolidated in the same range I used before we broke 50K which was cool, just dragged my lines over. Currently, momentum should be bullish towards 52K - see how we react there!
+1 Reply
InvestmentsHub Syndicate33
@Syndicate33, cheers matey
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