BTC Swing Long to 65k & 70k

Trade Idea: Bottom for Bitcoin Might Be In

This chart suggests that Bitcoin may have found its bottom, with the potential for a bullish reversal. The following elements highlight this outlook:

1. Liquidity Zones:
- Liquidity/TP1: The chart highlights a take-profit zone (TP1) near the $64,000 level, where liquidity is expected to reside. This is the target area for the long trade.
- Prev. Monthly High: This is noted above the $70,000 level, potentially acting as a higher resistance level and extended target if momentum continues after TP1.

2. Entry Zone:
- The gray shaded area near the $55,000 level represents the entry zone, with liquidity around this price. This suggests that the price may have tapped into an important liquidity pool before starting its upward movement.
- External Liquidity: This region below the current price might have acted as a liquidity sweep, further confirming the bottoming pattern.

3. Fair Value Gap (FVG):
- The chart identifies a FVG (Fair Value Gap) around the $56,000 level, which could act as an area of interest. Price has filled this gap, possibly signaling the completion of its downward move.

4. Market Structure:
- The market appears to have tested lower liquidity levels and rejected them, potentially signaling that a local bottom has been established. The price action shows consolidation in the entry area, indicating accumulation before a potential upward move.

This trade idea would be well-suited for traders anticipating a medium-term bounce after Bitcoin’s recent downward movement.