⚡️ Hello, everyone! I decided to update my idea about Bitcoin. Let's see what awaits us!
Bitcoin rebounded strongly over the weekend and is now trying to consolidate at the $107,000 level. This is a key level, which is the MSB level for the entire current momentum since May, and as long as the price remains below it, it is a bearish movement.
Last week, we also closed the GAP to the $98,000 level from the previous movement, but on the way up, we formed a new one at $105,250 - 101,360. And as we know, 99% of GAPs close sooner or later.
📉 Bitcoin also continues to move in a descending flag, which, although it is a bullish pattern in an upward impulse and more often breaks through upwards, has not been working that way for a long time. Trading based on technical analysis is the basis of crypto and has become very widespread, which is actively used by many whales and counterplayers. As a result, many pattern signals have long lost their relevance and now often give false signals.
⚙️ Metrics and indicators:
Volume - divergence with price since the end of April. Throughout this upward momentum, purchase volumes continued to decline. This indicates a lack of liquidity and demand for Bitcoin at present.
Money Flow - also divergence with price. Also, since the end of April, positions have continued to close and liquidity has continued to decline. This indicates a lack of interest in the asset.
Liquidity Depth - we know that the price moves from liquidity to liquidity, which serves as its fuel. And now there is much more liquidity at the bottom than at the top.
Support/Resistance - Based on the volume of interest, it is clear that the $106,000 level is a major zone, and if it is lost, the nearest support level will only be at $103,004, but with significantly lower volumes.
📌 Conclusion:
Despite all the huge inflows into ETFs, there is now even less liquidity in Bitcoin than in November 2024, when Trump became president.
This suggests that everyone is actively closing their positions and there is no new money coming in. Search queries for the tags “crypto” and “bitcoin” are not even close to last year's levels, let alone 2021 levels. This means that there is no new retail interest in crypto right now.
I don't see any catalysts right now that could keep the price at this level. And ETFs are not an indicator at all; we've already seen how these “smart money” buyers bought at 110k on ATH and sold even more at 70k.
🔥 So, right now, I recommend sitting back and watching. Let the market sort itself out and indicate the direction of movement going forward.
Bitcoin rebounded strongly over the weekend and is now trying to consolidate at the $107,000 level. This is a key level, which is the MSB level for the entire current momentum since May, and as long as the price remains below it, it is a bearish movement.
Last week, we also closed the GAP to the $98,000 level from the previous movement, but on the way up, we formed a new one at $105,250 - 101,360. And as we know, 99% of GAPs close sooner or later.
📉 Bitcoin also continues to move in a descending flag, which, although it is a bullish pattern in an upward impulse and more often breaks through upwards, has not been working that way for a long time. Trading based on technical analysis is the basis of crypto and has become very widespread, which is actively used by many whales and counterplayers. As a result, many pattern signals have long lost their relevance and now often give false signals.
⚙️ Metrics and indicators:
Volume - divergence with price since the end of April. Throughout this upward momentum, purchase volumes continued to decline. This indicates a lack of liquidity and demand for Bitcoin at present.
Money Flow - also divergence with price. Also, since the end of April, positions have continued to close and liquidity has continued to decline. This indicates a lack of interest in the asset.
Liquidity Depth - we know that the price moves from liquidity to liquidity, which serves as its fuel. And now there is much more liquidity at the bottom than at the top.
Support/Resistance - Based on the volume of interest, it is clear that the $106,000 level is a major zone, and if it is lost, the nearest support level will only be at $103,004, but with significantly lower volumes.
📌 Conclusion:
Despite all the huge inflows into ETFs, there is now even less liquidity in Bitcoin than in November 2024, when Trump became president.
This suggests that everyone is actively closing their positions and there is no new money coming in. Search queries for the tags “crypto” and “bitcoin” are not even close to last year's levels, let alone 2021 levels. This means that there is no new retail interest in crypto right now.
I don't see any catalysts right now that could keep the price at this level. And ETFs are not an indicator at all; we've already seen how these “smart money” buyers bought at 110k on ATH and sold even more at 70k.
🔥 So, right now, I recommend sitting back and watching. Let the market sort itself out and indicate the direction of movement going forward.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.