Bearish ABC retracement - whales liquidity hunt down to $31-35k
Looking at the Bearish scenario here. Following Arthur Hayes (Bitmex founder)'s recent comments suggesting that he sees big players needing to go on a liquidity hunt downwards towards sub $35k before we go to $50+.
Here looking at a possible ending of a B wave of an ABC retracement, perhaps this triangle breaks up to get the hype before we break down again for the liquidity run:
Buy zone I am looking at is a Confluence zone (31,000-35,000)
* Previous resistance turned support at 31,000 (May Jul 23)
* 0.5 FIB retracement level of 2023 run up (right)
* Upward trend line (red dotted)
* 500 Day EMA (purple)
* 1-1 Fib extension of A wave of ABC correction
Here looking at a possible ending of a B wave of an ABC retracement, perhaps this triangle breaks up to get the hype before we break down again for the liquidity run:
Buy zone I am looking at is a Confluence zone (31,000-35,000)
* Previous resistance turned support at 31,000 (May Jul 23)
* 0.5 FIB retracement level of 2023 run up (right)
* Upward trend line (red dotted)
* 500 Day EMA (purple)
* 1-1 Fib extension of A wave of ABC correction