- UPDATE BTC 02/07 :
BTC has broken down below the short-term sideway range and swept liquidity below the support zone as well as the most recent bottom. However, a quick buying force appeared, helping the price rebound after the sweep.
The positive point is that the short-term structure has improved: BTC broke above the previous sideway range’s top, indicating that the buyers are gradually regaining an advantage after absorbing the sell supply at the support zone.
In the short term, if the price continues to hold above the breakout zone, BTC may move upward to test nearby resistance zones. Conversely, if this zone is lost again, the likelihood of the price reverting to an accumulation phase will be prioritized.
➡️ For now, I still lean toward the scenario that BTC will continue to recover after the recent liquidity sweep. However, everyone should prioritize waiting for a pullback to the support zones to find a good entry point rather than FOMO buying after the move.
$BTC
BTC has broken down below the short-term sideway range and swept liquidity below the support zone as well as the most recent bottom. However, a quick buying force appeared, helping the price rebound after the sweep.
The positive point is that the short-term structure has improved: BTC broke above the previous sideway range’s top, indicating that the buyers are gradually regaining an advantage after absorbing the sell supply at the support zone.
In the short term, if the price continues to hold above the breakout zone, BTC may move upward to test nearby resistance zones. Conversely, if this zone is lost again, the likelihood of the price reverting to an accumulation phase will be prioritized.
➡️ For now, I still lean toward the scenario that BTC will continue to recover after the recent liquidity sweep. However, everyone should prioritize waiting for a pullback to the support zones to find a good entry point rather than FOMO buying after the move.
$BTC