ANALYSIS #BTC ON 24/06: THE PUMP TO 64K COULD BE A TRAP BEFORE WIPING OUT 61K
BTC is currently stuck in a short-term range, hovering around 62.8k–63.0k. This isn't a prime zone to FOMO Long or Short. The favored play is how BTC typically behaves: pushing the price up to the nearest supply zone to liquidate short stops, baiting a long breakout, and then if it fails to hold above, dumping back down to the sell-side liquidity underneath.
In the short term, I'm leaning towards BTC retracing to 63.75k–64.25k, with the wick possibly reaching as deep as 64.6k–64.8k. If the M30/1H closes below 63.5k, that's a sign of a long trap. At that point, the price has a good chance of pulling back to 62.45k first, deeper to 61.9k, and even sweeping 61.2k–60.8k if selling pressure ramps up.
I'm waiting for BTC to bounce back to 63.75k–64.25k and then looking for a reject candle. I'll short around 63.9k–64.2k, with a SL at 64.85k, TP1 at 62.45k, TP2 at 61.9k, and TP3 at 61.2k–60.8k. Avoid shorting right at 62.8k because it's in the middle of the range, so it could easily get squeezed.
BTC is currently stuck in a short-term range, hovering around 62.8k–63.0k. This isn't a prime zone to FOMO Long or Short. The favored play is how BTC typically behaves: pushing the price up to the nearest supply zone to liquidate short stops, baiting a long breakout, and then if it fails to hold above, dumping back down to the sell-side liquidity underneath.
In the short term, I'm leaning towards BTC retracing to 63.75k–64.25k, with the wick possibly reaching as deep as 64.6k–64.8k. If the M30/1H closes below 63.5k, that's a sign of a long trap. At that point, the price has a good chance of pulling back to 62.45k first, deeper to 61.9k, and even sweeping 61.2k–60.8k if selling pressure ramps up.
I'm waiting for BTC to bounce back to 63.75k–64.25k and then looking for a reject candle. I'll short around 63.9k–64.2k, with a SL at 64.85k, TP1 at 62.45k, TP2 at 61.9k, and TP3 at 61.2k–60.8k. Avoid shorting right at 62.8k because it's in the middle of the range, so it could easily get squeezed.