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$BTC finally dipped to the zone I've marked since August 12th. Why was it so inevitable? Because week candle formed a very long buy tail and same as with fair value gaps, most of the times they get revisited in future. Which happened yesterday â
So is it the bottom? At this moment none of timeframes shows that bearish momentum is gone. It doesn't mean that this can't be the bottom, just the fact that we don't know that yet for sure. I'll be watching the chart and inform you once I see confirmation. Till then buying that dip counting on a swing low is gambling or catching falling knifes. Unless you scalp it short term of course.
The way week candle closed at CME Futures I can assume that next week we may expect continuation in the same direction. Zone in between 2023/2022 close (42.5-47k) can be taken as bearish target, although I doubt BTC will close next week there. Maximum touch the top of that zone with a wick. By all means now is the time to get ready to buy the dips. And certainly not the time to bet on shorts.
Nearest liquidity pools:
above - 54737 / 55288 / 55840 / 56635
below - 53580 / 52379 / 49480 / 46817
Lines on the chart:
đž58942 - August close
đž55969 - week low (liquidity under)
đž53329 - July low
đž48888 - August low
đž44779 - 2023 high
Trend: D đœ W âïž M â¶ïž
đ± F&G: 23 < 22 < 29 < 27 < 26
