ANALYSIS #BTC ON 23/06: BTC ABOUT TO SHAKE OUT LONGS BEFORE RALLYING
BTC is currently around 64.1k, sitting in the middle of a range, so it's not the ideal entry zone. The main view for the next 24 hours is still sideways / liquidity hunting, with the potential for BTC to drop to grab sell-side liquidity first before deciding to pull back.
The most notable zone below is 63.2k–62.6k. This area is prone to deep wicks to sweep stop-loss orders. If BTC drops to this zone but doesn't close 1H below 62.2k, then reclaims 63.6k–63.9k, that's when we can look to long.
Wait for BTC to sweep down to 63.2k–62.6k; ideally, there would be a wick down near 62.3k–62.1k before bouncing back. SL at 62.05k, TP1 at 64.8k, TP2 at 65.6k, and TP3 further out at 67.2k if there's a breakout with volume.
If BTC doesn't sweep down and goes straight up to 65.2k–65.6k, absolutely don't FOMO into a long. That area is likely where market makers will sweep shorts and then dump. Only if the 1H closes above 65.6k and retests holding 65.2k–65.6k, does BTC have a chance to reach 67.2k.
BTC is currently around 64.1k, sitting in the middle of a range, so it's not the ideal entry zone. The main view for the next 24 hours is still sideways / liquidity hunting, with the potential for BTC to drop to grab sell-side liquidity first before deciding to pull back.
The most notable zone below is 63.2k–62.6k. This area is prone to deep wicks to sweep stop-loss orders. If BTC drops to this zone but doesn't close 1H below 62.2k, then reclaims 63.6k–63.9k, that's when we can look to long.
Wait for BTC to sweep down to 63.2k–62.6k; ideally, there would be a wick down near 62.3k–62.1k before bouncing back. SL at 62.05k, TP1 at 64.8k, TP2 at 65.6k, and TP3 further out at 67.2k if there's a breakout with volume.
If BTC doesn't sweep down and goes straight up to 65.2k–65.6k, absolutely don't FOMO into a long. That area is likely where market makers will sweep shorts and then dump. Only if the 1H closes above 65.6k and retests holding 65.2k–65.6k, does BTC have a chance to reach 67.2k.