BTCUSD
is currently moving sideways, which is a good sign as it is stabilizing the indicators. It is also liquidating everything that can be seen in the liquidation heatmap. The latest trends show that another low is more likely to come next week, in line with the
ES1!
and
NQ1!
stock indices. Therefore, we are prepared and ready to short in the short term. It’s worth noting that next week, the USA will have a tax event which is traditionally the low point in April every year. Additionally, around the halving time, Bitcoin usually pauses before pushing aggressively upwards. If we start from the bottom at $51k to the peak at around $74k, the golden pocket (61.8-65 Fibonacci) is located at $58564 to $59301. This would be the 100% wick reversal of March 05 and an ideal W pattern + max pain for any long trader. Even though Bitcoin still looks bullish today, if the major indices fall, then BTC will usually be impacted in the short term.
