What I think is gonna happen to Bitcoin #trading #shorts

30 Jun 2023 · 1 min

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In this short commentary, the speaker outlines a technical analysis of Bitcoin's price action. He anticipates a mild retracement to around $29,600, identifying this level as a fair value gap where daily chart price action is absent between the previous candle's wick top and the next candle's wick bottom. Using Fibonacci analysis, he notes that any region below the 0.5 level is considered a discount, suggesting the price will fill the liquidity void there before resuming upward movement. While acknowledging uncertainty about a possible cool‑off, he maintains the primary upside target near $35,000.

Chapters

Just to break down my thought process, I do expect a mild retracement to $29,600. This is simply put a fair value gap where you can see that between the wick top of the previous candle and the wick bottom of this next candle, there is absolutely zero price action on the daily chart. By drawing a fib and then identifying anywhere that is below the 0.5, because anything that is below the 0.5 is called a discount, I reckon that it's just gonna fill in a little bit of the liquidity void down here. So just slight retrace before continuing upwards, or it might cool off, who knows. Either way, the target remains to the upside at around $35,000.