BITCOIN SHORT TERM DISTRIBUTION PUSH
After the failed anticipated rally to new ATH, Bitcoin saw a consolidation after its first crash from 69000$ which lasted for couple of days. In second anticipation of bullish breakout from the range, bitcoin again disappointed the bulls with a breakout to the downside making a technical low around 53350$. As expected, a distribution always follow every accumulation but why is my distribution bias bullish and not bearish?
1/ Market structure is showing a sign of strength on lower timeframes.
2/ Liquidity needs to be taken out for short.
3/ The overall market trend is still bullish.
4/ Market pullback on the bearish move.
Clearly on this chart, there are identified levels the market will likely react to.
1/ D-SUPPLY: The supply zone on daily. It is a level bears will be looking at for possible short opportunities. This level needs to be broken to the upside for the bulls to gain more strength.
2/ D-LH: The market structure daily lower high. A break of the LH can signal possible trend reversal for Bitcoin.
3/ D-DEMAND: Where we are currently. Bulls are striving to make the level hold.
NOTE: This is a short term market analysis.
1/ Market structure is showing a sign of strength on lower timeframes.
2/ Liquidity needs to be taken out for short.
3/ The overall market trend is still bullish.
4/ Market pullback on the bearish move.
Clearly on this chart, there are identified levels the market will likely react to.
1/ D-SUPPLY: The supply zone on daily. It is a level bears will be looking at for possible short opportunities. This level needs to be broken to the upside for the bulls to gain more strength.
2/ D-LH: The market structure daily lower high. A break of the LH can signal possible trend reversal for Bitcoin.
3/ D-DEMAND: Where we are currently. Bulls are striving to make the level hold.
NOTE: This is a short term market analysis.
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