BITCOIN AT CRITITAL ZONE - HIGHER HIGH OR DEVIATION TOP?

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September came to a close with ~7.3% gain on 1M Candle. However, our scenario for BTC is still intact. Let's quickly dive in what current PA is showing.

62k - 65k level has been a critical level over the past fortnight. We also pointed out several signs of exhaustion at this level on our last article. Nevertheless, this level is still a puzzle to solve as it gives us some aspects to analyse in order to fully determine PA in next couple weeks.

Aspect 1: LIQUIDITY

• Levels to watch: 57.5k - 58k and 55.5k - 56k.
  
• What to expect: passive spot bidders quickly step in at these lows to maintain HHs/HLS structure on HTF and drive price to >70k.
  

Aspect 2: DAILY PA STRUCTURE

• Levels to watch: if Aspect 1 doesn't play out (turquoise-coloured path) then 62k - 65k becomes an upside liquidity grab for further downside expansion. PA from August Low (49k) til now becomes CORRECTIVE move.
  
• What to expect: downside expansion to fill the wick at 49k or a bit lower (orange-coloured and/or red-coloured path)
  

Aspect 3: PERPS & SPOT VOLUMES: What about consolidation in March 2023 - October 2023?

• Difference in Spot bidders at Range Low: PA was driven significantly by passive spot bidders at 24k - 26k. Spot volume appeared much "thicker" than Perps volume. Currently, our Spot volume at 49k Range Low looks very slim compared to Perps volume.
  
• This potentially means that PA structure from 49k til now is CORRECTIVE move, rather than impulse.
  

March 2023- October 2023:


March 2024 - Jun 2024:


July 2024 - NOW:



SUCH AN MASSIVE WEEK AHEAD AND PASSIVE SPOT BIDDERS ARE EXPECTED TO MAKE A DIFFERENCE HERE. LET'S SEE HOW IT UNVEILS !!!