Bitcoin has too much liquidity above

14 ส.ค. 2023

Hello, Community!

In today's anlysis we enhance the Elliott waves approach for BTC with the liquidity analysis to understand the likely move.

Let's take a look at the 4h time frame BTCUSDT price chart. Here we can see that price has likely finished it's corrective wave 4 which was represented as the ABC zigzag. Wave B was the triangle correction. Moreover, at the very bottom Bitcoin has formed bullish reversal bar.

Even if correction has not been finished we have only two local liquidity pool below, which are market with the red circles. At the same time we have a lot of liquidity above which can be easy collected and it's the magnet for the market maker. 5 circles can be collected too easy. After that we have imbalance at the 31k. Here is nothing changed, we assume that price should fill this imbalance at least before dump. But we can also see another one green circle at the top. It wouls be too easy to liquidate all short traders and set the new higher high. Moreover wave 5 is anticipated. Of course, it can be shortened, but in case of normal wave 5 $32500 is gonna be the nice target for this local bull run and the potential reversal.

Best regards, Skyrex team
__________________________________________________________
🔥Please, follow us and smash the rocket🚀 button to support us🔥