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$BTC Sunday Update: Range-Bound Market With Key Liquidation Clusters in Play

CrypNuevo
/3 days ago
Bitcoin remains range-bound between key liquidation clusters at $121k–$120k and $114.5k–$113.6k. While an upside move to the top cluster is possible first, the $113.8k level and unfilled CME gap at $114.3k suggest the downside cluster is the mid-term target.

$BTC Sunday update:

Still monitoring that past PA we focused last Sunday.

We saw the wicks to the upside and price not progressing any further, that helped us trade the drop this week.

However, it created a long wick to the downside that can potentially get filled.

Liquidation clusters: we're in-between 2 liquidation clusters located at:

• $121k - $120k
• $114.5k - $113.6k

Based on similarities with previous cases, we could go for the cluster above first, and then reverse again to the bottom one. It's a range-bound environment.

If we zoom out, we can see that the main liquidation level is at $113.8k.

Consequently, I consider the downside liquidation cluster to be the natural target in the mid-term ($114.5k-$113.6k).

Again, it's possible and logical to hit first the cluster above - I'm going with that.

CME gap:

As said in my last tweet: "CME gap didn't hit by just a few hundreds - they'll probably try again".

This unfilled CME gap at $114.3k supports my projection of Bitcoin possibly attacking that liquidation cluster at $114.5k-$113.6k in the next 1-2 weeks.

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