Low volatility on Bitcoin over the last 5 days except for a small rise with bearish volumes on the OBV, if confirmation of the bearish divergence then the continuation of the down trend.
When the price tries to break above the key resistance level at 21.5K it got rejected by the MA 62 and then closes below the resistance with multiple candles that have a long wick and a downward body, finally This shows us that the sellers are still there and are not letting the price go over the top while the buyers are losing momentum and closing their positions.
https://www.tradingview.com/x/gEBlDeEa/
A lot of liquidity has accumulated at the bottom via Long stops with high leverage as the liquidation peaks are close to the price, except that in the north we have the biggest peak around $23400 with $70 million liquidation compared to the big spike in south at $35 million liquidation.
It is possible to empty the train a bit to the south, so go down a bit lower to $20,500 to $19,500 and then come back to take the liquidity to the north, which will do the manipulation of Sell to Buy!
For the moment we are in the accumulation phase since the rejection of the 25K before moving on to manipulation in my opinion which will be with a Buy to Sell therefore a hunt for short stops towards the 23.5K to 24.5K to end with a distribution on lower levels and empty the train of Late Longs which will begin to open positions, and it's also possible the opposite, it is only a question of probabilities, if and only if I knew!
As I was saying yesterday, the last word will be with Fed Chairman Jerome Powell, who will speak tomorrow about bank balance sheets and inflation.
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