#BTCUSD #BTCUSDTAnalysis
Analysis is on the weekly chart so take into consideration this analysis is not valid for intra day . more of a long term picture based on historical technical data .
ANALYSIS :
#REASONS : well defined breakout from the weekly top range narrative to down side and market entered low volatility vortex . tested consequent encroachment of weekly FVG at 76910 But unable to cross 50% level of down close dominant sell orders . according to my analysis market tested last pivot support at 74551 again unable to give a promising dominant buy orders . on fixed range volume profile market isn't showing any historical volume influx at these level .
if marke breaks the POI at 74551 which it tested today and gives a valid breakout to the down side a short can be opened with minimal stoploss last 24 hours were seek and destroy day in my opinion . if support at 74551 didn't hold market target 🎯 will be 69833 . if that Support didn't hold 2nd target will be around 62575 and after that market can free fall to 47333 . in February I've shared an analysis depicting downward advance of market till 7450. and it has finally reached there . crypto markets follow fundamentals more than technicals . right now not expecting a pull back all the way up to the last lower high but if market didn't had enough orders to pull it down it might make a pull back for liquidity hunt above the high at 89249 . measured supply target is 62756 . over the spam of 6 to 8 weeks . cycle reading is negative/bearish but then again BTC Didn't really follow historical data ideally . suitable for spot shelf- buying in small quantities
ps : not a trade Signal .
