BTC has entered a healthy consolidation after the sell-off. With it being the summer period, lower market liquidity can also lead to choppier price action before the next major move.
The key resistance remains $67K-$68K, backed by strong confluence. This zone aligns with the 3-year POC, the anchored VWAP and monthly Order Block, making it the area bulls need to reclaim to regain momentum.
Support at $60K has held well so far. Next, I’d like to see a liquidity sweep below the key low at $61306. There is also a potential Head & Shoulders formation developing and could act as the catalyst for that move.
The ideal downside target sits around $60.5K, where the 0.702 Fib, -1 Fib extension and a large liquidity pool all converge.
Trade Ideas
Short:
Long:
Educational Insight
Remember, markets move towards liquidity, not just support and resistance. Stop-losses below obvious lows are magnets for price. A sweep below $61.3K into the $60K-$60.5K confluence zone would be a liquidity grab and could provide the foundation for the next bullish move.
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The key resistance remains $67K-$68K, backed by strong confluence. This zone aligns with the 3-year POC, the anchored VWAP and monthly Order Block, making it the area bulls need to reclaim to regain momentum.
Support at $60K has held well so far. Next, I’d like to see a liquidity sweep below the key low at $61306. There is also a potential Head & Shoulders formation developing and could act as the catalyst for that move.
The ideal downside target sits around $60.5K, where the 0.702 Fib, -1 Fib extension and a large liquidity pool all converge.
Trade Ideas
Short:
- $65K-$66K
- SL: Above the Anchored VWAP
- Target: $60.5K
Long:
- Watch the $61.3K-$60K zone
- Wait for a clear bullish reaction before entering
Educational Insight
Remember, markets move towards liquidity, not just support and resistance. Stop-losses below obvious lows are magnets for price. A sweep below $61.3K into the $60K-$60.5K confluence zone would be a liquidity grab and could provide the foundation for the next bullish move.
_________________________________
💬 If you found this helpful, drop a like and comment!
Note
Point Of Control:Note
4H Trend: Note
VWAP Support & Resistance Levels:Note
Short Entry at 0.618 Fib in confluence with VAH:Note
TP1 - 0.618 Fib:Note
wOpen + 0.886 Fib -> Short Entry:
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🏆 Mastering Fibonacci for precision trading
🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.