Bitcoin @ key support level: $41.7k. High liquidity zone nearing

١٦ ديسمبر ٢٠٢٣

Today I was trading MARA puts expecting breach of 41.7k. While that didn't happen during the day, my puts still have a chance over the weekend. Let's take a look at the possibilities.

Let's look at this chart below:

1. First let's look at the diamond top - this is one of the most bearish patterns in my opinion and a strong indication of a major trend reversal.
   
2. Followed by the "h-pattern" - this is a mix of bear flag/ headshoulders and not a very known bearish pattern since it's basically a combination of a few bearish patterns. Easily identifiable as a lowercase H.
   
3. Our key support here is $41711-ish. Take a look at the wick zone that I highlighted. That'll be pretty difficult to breach at first but if we test that level again, will be a major stop loss raid.
   
4. Should be clear skies with no support till 40.6k.
   
5. The real challenge is 40.1k. That dip will get eaten up reaaaalllll quick. There might already be limit buys in that zone. Easy money if you're daytrading here.
   
6. There's soft support @ 41.4k but it'll be taken down quickly if we breach 41.7k.
   
7. I'd be a strong buyer @ low 38k. While it's possible, I don't see a reason to slide to that level yet, unless there's FOMO-selling.
   

The bull case is that 41.7k acts as a high liquidity zone and instead of being breached, it rockets from here. Given that possibility, I didn't swing a whole lot in MARA puts.

We'll see.

As always, follow/ like/ support for some nice trades when market is open. I usually target SPY TSLA AMD NVDA QQQ

Cheers & GL.

١٨ ديسمبر ٢٠٢٣

تعليق

Successful analysis. Targets achieved. We hit 40.7k as precisely indicated. "Clear skies till 40.6k". +2k on this trade if you followed it. Follow for more.

Next up 40.1k - 40.6k, which will be a hard one to breach. High liquidity zone there. If we do breach it tho, game over for bulls until 39.6k