Market Update 30.01.2024
Good morning, we continue to hold steady around $43,500, but is the upward momentum sufficient for another breakout?<a:Unbenannt9:830910415440707604>
After forming an almost perfect double bottom pattern on the 100 EMA and shooting above the 200 EMA, Bitcoin has accumulated enough momentum to surpass the strong resistance of the Point Of Control (đźź orange box) and establish itself more or less above the old sideways phase.
Despite the second parabolic rise in just a few days for Bitcoin, a proper correction is still absent, as reflected in the RSI, which is now overbought. In most cases, an overbought RSI in higher time frames leads to a strong correction.
These strong increases naturally leave a significant amount of liquidity in the lower areas. However, until this morning, there was also a considerable amount of liquidity above us. Unfortunately, this has now dissipated on its own, putting us in a difficult position. Theoretically, one could have opened a 🟢LONG position from $44,000 to at least $45,000 to benefit from the liquidity hunting of market makers. Even with a 20x leverage, this would have resulted in approximately a 50% profit (🟣purple box).📊
Currently, this trade is still possible and not unrealistic, but the risk factor has increased significantly due to the lack of liquidity in these areas. The areas that currently attract us are below us, which is why I am convinced that we will at least return to the EMAs if we don't continue to rise soon. In this scenario, đź”´SHORT scalps would be possible, which we will examine in the 15-minute chart.
The logical tendency is bearish, but we must still consider that Grayscale outflows are decreasing, overshadowed by inflows. This, in the long term, suggests a significant price increase.
I will also share an analysis in the 15-minute chart with you later. Until then, I wish you a successful day and profitable trades!🤝
After forming an almost perfect double bottom pattern on the 100 EMA and shooting above the 200 EMA, Bitcoin has accumulated enough momentum to surpass the strong resistance of the Point Of Control (đźź orange box) and establish itself more or less above the old sideways phase.
Despite the second parabolic rise in just a few days for Bitcoin, a proper correction is still absent, as reflected in the RSI, which is now overbought. In most cases, an overbought RSI in higher time frames leads to a strong correction.
These strong increases naturally leave a significant amount of liquidity in the lower areas. However, until this morning, there was also a considerable amount of liquidity above us. Unfortunately, this has now dissipated on its own, putting us in a difficult position. Theoretically, one could have opened a 🟢LONG position from $44,000 to at least $45,000 to benefit from the liquidity hunting of market makers. Even with a 20x leverage, this would have resulted in approximately a 50% profit (🟣purple box).📊
Currently, this trade is still possible and not unrealistic, but the risk factor has increased significantly due to the lack of liquidity in these areas. The areas that currently attract us are below us, which is why I am convinced that we will at least return to the EMAs if we don't continue to rise soon. In this scenario, đź”´SHORT scalps would be possible, which we will examine in the 15-minute chart.
The logical tendency is bearish, but we must still consider that Grayscale outflows are decreasing, overshadowed by inflows. This, in the long term, suggests a significant price increase.
I will also share an analysis in the 15-minute chart with you later. Until then, I wish you a successful day and profitable trades!🤝
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