BTC 69k ATH Liquidity Swept - How long will it retrace?
Considering the Smart Money Concept theory and one of its most well-known models, the Market Maker (Buy/Sell) Model, the price through an oval structure initially creates liquidity through accumulation/expansion until reversing the trend. When it does so, the objective will be to tap into the counter liquidity created earlier. Hence, the objective in this model is liquidity above highs/lows (depending on the orientation of the model).
Previously in this upward trend, the price has reacted after clearing liquidity above highs twice. On both occasions, it retraced approximately 20%. Currently, this would lead the price to a zone of some interest, mitigating the body of the previous candle, which is currently an imbalance, and having a bullish Order Block (OB) just below on the weekly timeframe.
For now, the target is the price range between 50k-53k.
Previously in this upward trend, the price has reacted after clearing liquidity above highs twice. On both occasions, it retraced approximately 20%. Currently, this would lead the price to a zone of some interest, mitigating the body of the previous candle, which is currently an imbalance, and having a bullish Order Block (OB) just below on the weekly timeframe.
For now, the target is the price range between 50k-53k.