Bullish pullback before further sell off
2024-10-04 Bitcoin analysis:
Weekly Timeframe:
- Looks like trend correction with potential reversal at 59542-55860
- Substantial upward liquidity shall push price as far as 76k, limited liquidity all the way to 34k
4H
- Domination of Buyside Liquidity in the OrderBook (coinglass.com/pro/depth-delta)
- Green Wave (SMA 50 BB) bounced back and going up
- SMA100 will likely serve as a resistance at 63438
- Red-Green Wave (MFI) starts to recover but didn't went substantially low, implying further sell
1H
- Bullish Divergance yesterday RSI and Blue Wave (EMA CCI)
Conclusion:
- The price wants to go further down but buyer resistance restrain further move.
There shall be pullback from which further sell possible
Weekly Timeframe:
- Looks like trend correction with potential reversal at 59542-55860
- Substantial upward liquidity shall push price as far as 76k, limited liquidity all the way to 34k
4H
- Domination of Buyside Liquidity in the OrderBook (coinglass.com/pro/depth-delta)
- Green Wave (SMA 50 BB) bounced back and going up
- SMA100 will likely serve as a resistance at 63438
- Red-Green Wave (MFI) starts to recover but didn't went substantially low, implying further sell
1H
- Bullish Divergance yesterday RSI and Blue Wave (EMA CCI)
Conclusion:
- The price wants to go further down but buyer resistance restrain further move.
There shall be pullback from which further sell possible
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