Bearish ABC retracement - whales liquidity hunt down to $31-35k

6 ก.พ.

Looking at the Bearish scenario here. Following Arthur Hayes (Bitmex founder)'s recent comments suggesting that he sees big players needing to go on a liquidity hunt downwards towards sub 35k before we go to $50+.

Here looking at a possible ending of a B wave of an ABC retracement, perhaps this triangle breaks up to get the hype before we break down again for the liquidity run:

Buy zone I am looking at is a Confluence zone (31,000-35,000)

* Previous resistance turned support at 31,000 (May Jul 23)

* 0.5 FIB retracement level of 2023 run up (right)

* Upward trend line (red dotted)

* 500 Day EMA (purple)

* 1-1 Fib extension of A wave of ABC correction