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“Bitcoin’s Risk Has Not Been Eliminated; Watch Short-Term Liquidity. Is Storage Forming a Short-Term Bottom?”
Bitcoin recovered after yesterday’s decline, but has not moved out of the hourly converging range. In the short term today, watch the hourly equal highs at 75500 and whether liquidity at the top of the weekend consolidation range gets swept. If price moves up, watch for a pullback around 77200-77500. If ETH is not particularly strong, first watch whether 2190 pulls back.
On Bitcoin’s daily chart, yesterday’s price action did not change much. If it closes another bearish candle today, panic selling could arrive at any time, which is where the risk of going long lies right now. Potential support lies between 70000-69000. For now, I won’t speculate on ETH.
In storage stocks, SanDisk and Micron both swept liquidity and then rebounded yesterday, giving B friends another taste of the appeal of the ICT2022 model. The next idea is to watch for another long entry inside the hourly order block if the liquidity-swept area around 790 provides sufficient support, considering the 815-805 range. A similar idea applies to Micron, with support at 680-670.
Note that the weekly outlook for storage stocks is not optimistic. Avoid overcommitting to longs at short-term support, and use strict stop-losses. In the short term, wait for another test of the 4-hour Vegas channel to look for short entries, or look for higher liquidity to assess short opportunities. We’ll take it as it comes.
During the day, I’m still looking to take pullback trades if price fails to break through the several hourly top patterns from last night, or to wait for a chance to trade a pullback after a false breakout this afternoon. Then tonight, see whether price tests the lower order block.
In summary: The risk on Bitcoin’s daily chart has still not been eliminated. On the lower timeframes, watch whether price reaches the liquidity above before pulling back. If it drops directly, wait for a pattern and an opportunity between 70000-69000.
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