Bitcoin's recent price action shows a failure to establish a higher high after an attempted liquidation. The price encountered significant resistance around the $82,000 zone, leading to multiple rejections at this potential support level. Subsequently, there was a decisive break below the $82,000 zone, leaving behind a Fair Value Gap (FVG) in its wake. Following this breakdown, the price retraced back into this FVG, presenting a potential opportunity for a short-term sell entry. The targeted area for this trade is a lower order block situated around the $68,000 zone. This scenario suggests a bearish continuation bias after the failed breakout and the filling of the inefficiency created by the initial downward move.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.