Bitcoin update & Hyblock Heatmaps
As suspected, BTC hit the liquidations above the price and closed the imbalance.
However, the price was rejected at the '21 high and lost the 4hEMA50 again.
What now?
The range high of the blue range is currently acting as support, so Bitcoin is positioned exactly between the 2 last ranges (64.5k - 66.7k and 69k - 71.6k).
a) The rejection at 69k was healthy and closed the newly formed imbalance.
The price continues to gain momentum with the target set on the liquidation pool behind the range high (red line).
However, strong resistances stand in the way ('21 high, yellow trendline & red line).
b) Bitcoin is going lower once again and continues to form the mid-timeframe continuation pattern that I've been talking about for days.
With a potential wick below.
Anyway, don't forget about the strong monthly close! Long term is up ๐ซฐ
Have a great start into the weekend, Summit family!