IS THERE A BIG DUMP SET TO HAPPEN FOR BTCUSDT?
I am back with another weekly analysis for Bitcoin. As the month ends, there will be large volatility in this trading week which is great for us traders.
This week I am looking to short BTCUSDT at $20850. I am anticipating a nice dump to around $19500 price level where there is a strong Bullish Order Block.
Below are my confluences for this trade setup:
- Price is near the hourly Bearish OB which coincides with the Institutional Price Level of $20800 price level.
- We can see that BTCUSDT failed to make a higher high after closing the 50% of the void that was left by $21 000. This shows a SMT Divergence as Smart money are looking to sell their BTC at Premium price.
- Based on the US Dollar index (DXY) hourly chart, we can see that price failed to make a Lower low on Friday which means the DXY can rally to close some imbalances above current price level. As the DXY strengthens, BTC is expected to drop in value.
- My target of $19500 is at Discount Price Array of the current hourly range we trading in. There is a Fair Value Gap that has to be closed as well as a Strong Daily Bullish by my target price.
With this said, do manage your risk and i hope you have an amazing trading week ahead.
This week I am looking to short BTCUSDT at $20850. I am anticipating a nice dump to around $19500 price level where there is a strong Bullish Order Block.
Below are my confluences for this trade setup:
- Price is near the hourly Bearish OB which coincides with the Institutional Price Level of $20800 price level.
- We can see that BTCUSDT failed to make a higher high after closing the 50% of the void that was left by $21 000. This shows a SMT Divergence as Smart money are looking to sell their BTC at Premium price.
- Based on the US Dollar index (DXY) hourly chart, we can see that price failed to make a Lower low on Friday which means the DXY can rally to close some imbalances above current price level. As the DXY strengthens, BTC is expected to drop in value.
- My target of $19500 is at Discount Price Array of the current hourly range we trading in. There is a Fair Value Gap that has to be closed as well as a Strong Daily Bullish by my target price.
With this said, do manage your risk and i hope you have an amazing trading week ahead.
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