BITCOIN'S DROP! Which Prices To Target Below_ _BTC DAILY ANALYSIS

Hey what's going on guys it's Matt and so in today's daily Bitcoin update we're going to be discussing this recent drop of where the price action fell down below $23,000 again. So if you enjoy these updates as always drop a like and subscribe and for those interested down below you'll have a link that will take you to my public trading communities where you can join or the elite private group of where I include additional in-depth private live streams and I also have multiple guides for those of you that need more trading guidance and also also just a reminder yesterday we did have a public live stream so for those of you that haven't checked it out I recommend watching it I answer a bunch of different questions and we analyze different markets so the forex market the crypto market so if you haven't watched that I also recommend taking a look at that but anyways let's continue. So zooming in on the 4-hour we can see how after this long and grueling period of where we consolidated for a number of days the price action rallied and pushed into the initial supply zone that I marked out in the last update which was at around $24,000. Now actually this extended a little bit higher technically speaking so we pushed a bit deeper beyond this wick that we had on July 31st but that's totally fine right we reached that supply zone and I discussed how if we were to rally higher I would be eyeing the upper portion of this channel so if we had an initial minimal rejection and then pushed back up above this high so above the supply zone I would be looking for a continuation of this previous bullish impulsive move however an alternative here which I personally was leaning a little bit more towards and we also discussed this in yesterday's live stream is that due to the fact that zooming out on the 4-hour because we had this recent high followed by this higher high so if we look at these peaks right we had this high then this higher high so these intermediate swing points and now if we look we have formed a lower high and not only did we get a lower high but we pushed back down into the bottom of this range with the additional fact that we've had an increase in the overall bearish momentum so that's the key point over here where if we take a look at these recent two or three bearish candles if we compare them to all of these previous candles that we had pretty much over the last couple of days the last time we had these large candles we pushed all the way back down to the bottom of this range now of course history isn't always going to repeat itself in the exact same way but because we tapped into the supply zone and we rejected this zone and we formed a lower peak and now that we're back in this range i'm looking at a further push lower right so this is the probable side of trading of where you simply have to react to what the market is presenting you with and so tomorrow we're going to have the cpi release in the markets which will affect the u.s dollar and so if the u.s dollar goes up then there's a good probable chance that bitcoin will continue pushing lower so that's where tomorrow's release as with a lot of fundamental releases in the market that can be a major catalyst as to when we can expect next volatile movement to come in but that's still a couple of hours from now what i would expect is i would wait to see if we could pull back to these emas on the four hour right and ideally a good scenario would be if we can push towards 23.4 or 23.5 thousand dollars that can be your point of interest because if we think about that we're back in the range and so you're basically playing the range from a probable standpoint right previously this is where we rejected this area as resistance and we continued pushing to the bottom of the range so is there a 100 chance that we're going to break below this range and continue pushing lower of course not it's not always a 100 chance but there's a very good probable chance that that can occur so for those that haven't got into any sell positions which if you did previously this would have been a bit of an aggressive setup but regardless right if you haven't then wait for the pullback to the top of this range and then look for a rejection and then you can look to short and then if we push below this range so i'm looking at the prices of 22.65 or 22.6 thousand dollars if we push into this region which previously was a liquidity grab right this previously acted as a short-term liquidity grab where any short-term traders that jumped right in this would have represented a bear trap so liquidity was gathered up and now we can see how everyone was pretty much taken on a roller coaster ride and usually when this happens in the market whenever you have these types of whipsaws in either direction that usually means that a big move is coming which makes sense because we've been consolidating so heavily for a couple of days so the next region that i would be eyeing is this imbalance that i've been discussing for quite some time now this imbalance also lines up with the 61.8 and the 70.7 level the 70.7 level is a bit deeper which personally i'm eyeing a little bit more right so if we match this same impulsive move up with the volume profile tool then notice how we still have all of this space down here that i believe can get targeted due to the fact that we left this inefficiency behind right so because the overall hourly momentum is now bearish i'm looking for further sell side movement so keep an eye out for this later today and tomorrow and hopefully this helps so if you enjoyed this video i'd appreciate it if you drop a like and subscribe and then down below reminders that's where you can join my public trading community my public telegram announcements channel for charts polls and updates and then for those that want additional trading guidance which includes additional tutorial videos and guides you can check out the private elite group so thanks for watching guys i'll speak to you in the next one