Bitcoin (BTC): Bullish, But Don't Buy Yet! Here's Why.Hello, traders! 👋 Let's break down the current situation with Bitcoin .
🔍 Overall Bias: Bullish
Bitcoin has confirmed its intention to continue the bullish trend towards a new All-Time High ( ATH ). This comes after a successful sweep of Sell Side Liquidity (SSL) and a confirmation of the bullish daily structure.
Price has already corrected into a discount zone, which is generally favorable for buys. But wait! Don't rush to open long positions just yet.
🐳 The Whale's Game Plan
The large players have a crucial Point of Interest (POI) below us — a 4h order block . This specific order block is what engineered the SSL sweep, making it a powerful support level and a magnet for price.
To sweep that liquidity and trigger the stop-loss orders of retail traders, the "whales" had to open short positions. Now, to continue the uptrend, they need to close those shorts at break-even or a small loss. The 4h order block is the perfect place to do that.
My Trading Scenarios
1️⃣ Primary Scenario: The Ideal Entry
I expect a mitigation of this 4h order block. I will be closely watching the price reaction around this POI and the 78.6% Fibonacci retracement level .
If the level holds and we get a Lower Timeframe (LTF) confirmation (e.g., the beginning of a bullish order flow), long positions could be considered.
🎯 Potential Long Entry Zone: ~ $102,745 - $103,868
2️⃣ Alternative Scenario: The Retail Trap
Price might not drop to our POI immediately. It could first bounce from the current levels, luring impatient retail traders into long positions. After that, a sharp drop could shake them out before the real move up begins next week, targeting the Previous Month's High (PML) as a minimum objective.
Conclusion
Patience is key. We need to watch the actual price behavior and reaction once the "whale" delivers the price to our POI.
This is not financial advice. My analysis is for educational purposes only.Hello, traders! 👋 Let's break down the current situation with Bitcoin.
