BTC Q2-2024 short to retest 60K volume area

Q1 was a beauty for cryptos in general.

#BTC grew almost 36K in price in last 90 day cycle.

We have now rejected the 71K and looking for lower regions to attack. Getting paper hand traders and 73K buyers shaken out of the market.


What goes up MUST come down and retrace and Q2 we will see a correction on BTC before its path to 100K.

Tested 73K and retraced to 60K Q1

74K highs - 1/2 Q1 grow volume (35/ 2 = 17.5) = 56.5K
a 60K buy option will present itself in Q2 if NOT a full 56K area (liquid will inject quickly down here)

I am shorting from sub 70K and looking for a 10K retrace to 60K volume area before a new injection of liquidity is presented to the market.

1:6 Risk:reward ratio for TP at 61K
1:10 Risk: reward ratio for TP at 57K

1. ZONE 1: Blue= 65.6-64.6 slight bounce area
   
2. ZONE 2: Orange= 61.8- 60.7 1st Zone of liquidity (previous Q1 liquidity zone)
   
3. ZONE 3. Green= 58.3- 57.4 Golden pocket to catch possibly best entry (Q1 breakout zone + old 2021 zone)
   

This is not financial advice simply an analysis of market structure.

Current Price at posting :$68,875

İşlem aktif:

We have entered the blue zone and a bounce DID occur here. If we reject 67K we can look for lower regions.

İşlem elle kapatılmış:

We bounced from the blue zone and failed to reject the 67k zone. Some resistance at the entry level of 69K and went back to test ATH. Trade has been closed. Will monitor for re entry

Yorum:

Last 72 Hrs moved the market to tap BOTH the BLUE and ORANGE zones.

Now trending down back towards the Orange zone in prep for 4/20 halving. Hoping to buy in at this 55-57k region