Taking out liquidity
Hi everyone,
Yesterday we analyzed the reasons
BTCUSDT is bullish on the long-term (link down below).
BTC is currently in a wedge that was formed a month ago, and we are at a prior resistance level.
As the FED started their meeting, a huge spike was initiated, but no structure was made. Therefore, we expect a red day following yesterday's move by taking out the liquidity above the resistance level where most buy orders are set (around 24500) and we are most probably going to 21750 level.
A possible scenario (also bearish), is going directly the 21750 support level, since on liquidity was already taken out on the hourly timeframe.
By the way, if price goes down, it won't create any structure as it did when going up. In other words, the big green candle acts like a free space.
In conclusion, we are bearish for today. However, if we get to still go up, we will go to the next resistance level (around 26750)
Please comment if you have any questions.
Yesterday we analyzed the reasons
BTCUSDT is bullish on the long-term (link down below).BTC is currently in a wedge that was formed a month ago, and we are at a prior resistance level.
As the FED started their meeting, a huge spike was initiated, but no structure was made. Therefore, we expect a red day following yesterday's move by taking out the liquidity above the resistance level where most buy orders are set (around 24500) and we are most probably going to 21750 level.
A possible scenario (also bearish), is going directly the 21750 support level, since on liquidity was already taken out on the hourly timeframe.
By the way, if price goes down, it won't create any structure as it did when going up. In other words, the big green candle acts like a free space.
In conclusion, we are bearish for today. However, if we get to still go up, we will go to the next resistance level (around 26750)
Please comment if you have any questions.
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