Hello traders.
Bitcoin is showing a sideways momentum for now which is fine and was expected to do so. I've kind of already covered this expected side ways action in my Mar 17 analysis where I said it would clear all the buy and sell side liquidity in the zone of $27k-$32k.
Well we never actually reached $32k mark but were close to that.
Now before the Bitcoin price moves up, what I want to see is a nice retracement leg where I can find my entry points.
I've marked two areas to be my point of interest in Bitcoin. First area is between $23800-$24123. Reason is simple. It's the zone sitting at 50% fib levels of the recent expansion from $19k. So it's a bounce back area for me.
The second area where I have my eyes on is $21k-$22k price range, as it offers a discounted area to buy Bitcoin. The said zone is also an unmitigated zone and the chances are high for Bitcoin to tap into this area and bounce.
I'm using a 4h timeframe for my analysis and hence it may take time for Bitcoin to shape out the structure that I want to see.
