BitcoinShort
13-Oct-24
Price has lingered at this level without a correction to establish support. I think we will fall straight back to 60K, before breaking through and bouncing back.
The narrative goes like this:
1. Low liquidity market trending sideways at a big even
2. Price breaks to lower low, providing whales with the liquidity they need to buy in
3. Whales buying below the LL cause a short squeeze to the top of the range without breaking out.
4. (You are here) Price is now over extended at the top of the range, and the bullish rejection has left a lot of confident stop losses below the low.
5. (Maybe) Price rapidly falls back to the demand zone, with only a small bounce before squeezing longs by breaking to lower lows.
6. (Extra maybe) Now the market has cleared out the weak hands from the range, so only the low leverage positions remain. This allows the market to lower it's volatility and establish it's longer term trend, which I think will be bullish.
The narrative goes like this:
1. Low liquidity market trending sideways at a big even
2. Price breaks to lower low, providing whales with the liquidity they need to buy in
3. Whales buying below the LL cause a short squeeze to the top of the range without breaking out.
4. (You are here) Price is now over extended at the top of the range, and the bullish rejection has left a lot of confident stop losses below the low.
5. (Maybe) Price rapidly falls back to the demand zone, with only a small bounce before squeezing longs by breaking to lower lows.
6. (Extra maybe) Now the market has cleared out the weak hands from the range, so only the low leverage positions remain. This allows the market to lower it's volatility and establish it's longer term trend, which I think will be bullish.
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