03/08/2024
Update & Liquidation Heatmaps:
$BTC - As previously mentioned, we lost the key level at 63,800 and subsequently dropped to our target of 60K-61K. A loss of this level on the daily will likely send us back to 56K. However, if we manage to hold, bounce, and regain 63,800 before the weekly close, prospects will start to look favorable again. Additionally, we have also lost the 21EMA on the weekly chart, which sits at 62,200, coinciding with the trigger we need to surpass on both the 1-hour and 4-hour charts.
Triggers/Levels:
πOn the 1-hour chart, we need to regain 62,400-63K to target 63,800-64,500. If this is a deviation below 62,400 to grab liquidity, we need to quickly regain 62,400 to target 63,500-63,800, which is our key level to reclaim.
πOn the 4-hour chart, the trigger remains the same.
πOn the daily chart, we need to reclaim 63,500.
Note: There is something about this down move that doesn't feel right. So, as always, let's play it by ear. Whilst I am usually very confident in my analysis, this is a time to let the markets settle before jumping into trades.
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