currently consolidating, can it drop to the $55,000 or $51,000 zone again? Read the full post, we have answered with full explanation.
As we mentioned in the previous post, BTC will consolidate here and create liquidity at lower levels. Now, how can they create more liquidity? In this post, we will use some psychological events as well as technical analysis.
#BTC☀ is looking bearish, we can still see a selloff to the $55,000 area after some more consolidation here. As we discussed yesterday, there is not much liquidity on the downside. Everyone is bullish and wants the market to go up. The market has to make them go down before hitting $80,000. The only way to make them go down is to sell BTC. To sell BTC down, they want to liquidate at lower levels. To create a liquidation at lower levels, they will show you BOS (Break of Structure) now. Then many people will open long positions and will definitely liquidate at lower levels. So the most likely possibility is that we see a move down. Now the question arises, how low can it go?
The answer is simple it will go down until it shows us a quick bounce in the liquidity area when we will see it then you need to confirm whether the reversal is forming or not. When you see such a candle then there is a 95% chance that it will go down and the market will rise from there. We are expecting such a move from below the given area:
1. $54,700 - $55,350 in this area, we also buy more using 40% of the remaining 60% of the money. We could see a quick bounce from this area if the market consolidates for another 6-10 hours here and then shows a drop.
2. In an unpredictable situation, the market may drop to $51,000. We will use the remaining 20% of our funds to buy here. As we mentioned, it is mostly unpredictable. The possibility of BTC recovering from the $55,000 area is unpredictable. But always be prepared for such situations.
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