Forgive my last post without context, was just excited.
The system I used is from ICT(Inner Circle Trader) not a direct mentee but an avid person in his works.
3/6/23
In this daily analysis, we are anticipating an expansion to the upside if we manage to keep above the balanced price range.
The first probable objective is the gap of the Friday markdown, repricing to that level and consolidating before the second expansion breaking the January weekly SnR,
The Final target is the Weekly Draw on Liquidity above the Buyside Liquidities and or Relative Highs.
The Invalidation point of this weekly anticipated market profile remains the September Weekly SnR and our target is the November 1 Opening candle or Weekly Draw on Liquidity.
Thanks for context this time! Personally I had previously thought there would be a small relief rally to
to around $23K prior to further downside, but after a few days there was neither a rebound nor bearish follow through.
I thought at least over the weekend there would be a small low volume rebound, but alas nothing happened. If anything, there's more potential for a bart pattern back to around $23.5K now after the flat price action over the week, in order to to re-test $23.8K, the latter I have marked as volume resistance.
That said, the distribution zone around $23K comes from around 6 weeks of trading, so not much has changed there either in terms of it becoming new resistance. Feeling a lot more neutral about price short-term since we've seen a lack of follow through (in either direction) after that -5% drop. Ultimately this could just be another higher low in a sustained uptrend without bearish confirmation.
Notably S&P is having a strong bounce from previous resistance trend-line, volume support, MA golden cross over support, cloud support - virtually all Daily support. So I'm not going to be that surprised if Bitcoin follows suit given that many (still most maybe?) traders & investors remain bearish based on the economic environment, but price action is taking the complete opposite approach to this sentiment.
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