Bitcoin printed a falling wedge breakout plus retest, retailers are taking longs
Possibly a big re-distribution phase for a month happened where the price might fall back into the 40K level
We spiked up and took out the 52K level where a lot of stoplosses got hit combining with the buy-stop orders triggered, provides good liquidity to go down
Fib 61.8 got hit nicely
If price continues climbing we look again for shorts around 54.5K that has strong supply zone and fib 78.6
First target will be 50K structure level
If we get below the 50K, target 40K
Good luck.
Possibly a big re-distribution phase for a month happened where the price might fall back into the 40K level
We spiked up and took out the 52K level where a lot of stoplosses got hit combining with the buy-stop orders triggered, provides good liquidity to go down
Fib 61.8 got hit nicely
If price continues climbing we look again for shorts around 54.5K that has strong supply zone and fib 78.6
First target will be 50K structure level
If we get below the 50K, target 40K
Good luck.