⚡ Yesterday's review was completed even faster than we expected.
Now the most important thing is what will happen next ⁉️
Shall we go deeper and remove liquidity immediately? And then we'll go to the range?
Or do we do it very cleverly: go up, building the liquidity pool from below even more, and then come crashing down with a subsequent spike on the news of the ETH ETF?
♠️ FLN1 from «Fallen Xrypta Team» is presenting 🖤
🖥️ Technical Analysis
🔻 Key levels of support:
• $60,427 - $59,515: Critical support levels that could hold back further declines.
• $58,218 - $58,000: Deep support in the liquidity zone where significant volatility is expected.
❎ Key resistance levels:
• $63,849 - $63,721: Strong resistance on the 4-hour chart that needs to be broken for further upside.
• $72,144: Long-term target on the daily chart.
📊 Indicators:
• RSI: The Relative Strength Index (RSI) on the 4-hour chart is approaching the 50 level, indicating a possible momentum reversal.
• MA: On the 4-hour chart, the 50-day moving average (MA) crosses the 200-day MA from top to bottom, which could be a bearish signal.
• MACD: MACD on the 4-hour chart signals a possible transition to a bearish trend with the appearance of a negative histogram signal.
🟢 Bullish scenario:
If BTC can hold above $60,427 and break through $63,849, a test of $72,144 can be expected. The increase in trading volume and open interest in Chicago futures supports this scenario. Over the past month, open interest in futures has increased by 35%, which indicates a possible significant price increase.
💣 Bearish scenario:
If BTC fails to hold above $60,427 and drops below $59,515, we could see a drop to the $58,218 - $58,000 liquidity zone. Data from Chicago indicated an increase in short positions, which could lead to further declines. Over the past week, short open interest has increased by 12%, which is a bearish signal.
🔥 Liquidation Heatmap:
• Liquidation Volumes: Coinglass' Heatmap shows significant liquidation volumes in the $60,000 - $62,000 range, indicating areas of increased volatility.
• Liquidity Zones: The area between $58,000 and $60,000 is an area of high liquidity where significant price movements are likely to occur.
• Important Levels: Liquidation volumes at $60,000 can cause sharp price movements, so this level is critical for BTC to move forward
🏴 Risks / Behind the scenes / Insides
1. CME: Open interest on the Chicago Mercantile Exchange (CME) indicates an indecisive market, with participants taking both long and short positions. Trading volume remains high.
2. Fundamental News: Any regulatory news or significant market events can have a significant impact on the price.
3. Support levels: If the price breaks below $59,515, it could lead to a further drop to $58,218.
4. Miner Sales: Miners have sold over 2,300 BTC in the last 72 hours, putting pressure on the market.
5. Volatility: The liquidity zone between $58,218 and $58,000 can lead to significant volatility.
6. Technical indicators: A negative MACD signal may indicate a further decline.
7. Economic data: Any unexpected economic news can cause a sharp change in direction.
8. Regulation: Any news regarding the regulation of cryptocurrencies can have a significant impact on the market.
9. Seasonality: The summer period is often characterized by reduced activity, which can affect trading volumes.
10. Liquidity risks: Lack of liquidity in the market can lead to significant price fluctuations.
💠 Summary
BTC is at a critical crossroads. The following days will show whether it will be able to break through to the top, or whether it will still fall to the liquidity zones. Keep your finger on the pulse and be prepared for any scenario.
Stay tuned and make decisions wisely! DYOR.
BTC price at the moment = 59888 USDT
