ANALYSIS #BTC☀ ON 18/05: BTC HASN'T BOTTOMED OUT – MM MAY STILL SWEEP DEEP TO 75K!
BTC is currently weak after losing the 78.4K zone and is trading sideways under 77K. The outlook for the next 24 hours leans towards a scenario where MM pulls a slight retracement to sweep the chasing shorts, then pressures down to the liquidity zone below.
Wait for BTC to retrace to 77.2K–77.8K to set up a SHORT.
SL: 78.8K
TP1: 76.25K
TP2: 75.3K
TP3: 74.8K
Do not chase shorts at the 76.7K zone as the price is close to support, making it easy to get pulled back up to 77.2K–77.8K for a quick sweep first.
Consider going long only if <a>$BTC </a> sweeps down to 75.3K–74.8K and then bounces strongly, with M15 closing above 75.3K. At that point, it might be a good time to scalp long up to 76.25K–77.2K, with SL below 74.4K.
3-week outlook:
If 74.2K holds, BTC still has a chance to bounce back to 82.8K–84.5K. If D1 closes below 74.2K, the downtrend may extend towards 71.6K–68.9K.
BTC is currently weak after losing the 78.4K zone and is trading sideways under 77K. The outlook for the next 24 hours leans towards a scenario where MM pulls a slight retracement to sweep the chasing shorts, then pressures down to the liquidity zone below.
Wait for BTC to retrace to 77.2K–77.8K to set up a SHORT.
SL: 78.8K
TP1: 76.25K
TP2: 75.3K
TP3: 74.8K
Do not chase shorts at the 76.7K zone as the price is close to support, making it easy to get pulled back up to 77.2K–77.8K for a quick sweep first.
Consider going long only if <a>$BTC </a> sweeps down to 75.3K–74.8K and then bounces strongly, with M15 closing above 75.3K. At that point, it might be a good time to scalp long up to 76.25K–77.2K, with SL below 74.4K.
3-week outlook:
If 74.2K holds, BTC still has a chance to bounce back to 82.8K–84.5K. If D1 closes below 74.2K, the downtrend may extend towards 71.6K–68.9K.