Its been a while since I posted anything on Crypto...
BTC just experienced an 11k drop with an instant recovery. Very, very bullish.
But I don't think this is the end of it. A correction was expected and I'm not sure that one wick is enough to weed out all the selling pressure. At this price, I'm sure there are alot of people that are going to start cashing out.
Anyway, the way I see it, it is very likely we see a repeat of recent history where BTC consolidates in this area before the next push up.
As BTC is very bullish, I don't consider reversal at this point, and its very likely to see continuation after a little consolidation.
I still have BTC on Bybit and if this idea plays out, I will look for longs once I see some structure created in this potential order block.
Let me know your thoughts.
Trade Safe!
HEET
BTC just experienced an 11k drop with an instant recovery. Very, very bullish.
But I don't think this is the end of it. A correction was expected and I'm not sure that one wick is enough to weed out all the selling pressure. At this price, I'm sure there are alot of people that are going to start cashing out.
Anyway, the way I see it, it is very likely we see a repeat of recent history where BTC consolidates in this area before the next push up.
As BTC is very bullish, I don't consider reversal at this point, and its very likely to see continuation after a little consolidation.
I still have BTC on Bybit and if this idea plays out, I will look for longs once I see some structure created in this potential order block.
Let me know your thoughts.
Trade Safe!
HEET
Note
Its quite interesting to watch the movement of Bitcoin following that dump. Not to mention, so far doing exactly what I had expected. Bitcoin is closely respecting the structures marked out in the chart which were drawn out before it even happened (compare above). But can only be seen on LTFs.
Note
I adjusted support zone as it was aligned incorrectly. As the 2nd wave dropped so low, it caught my mistake. Hopefully that last drop was the low.
Note
Bitcoin just broke an important level. It cleared the highs in this order block. Potential for continuation. 
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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.