The Big DROP! Which Bitcoin Prices To Target NEXT_ _BTC DAILY ANALYSIS

What's up everyone. It's Matt. As you can see, Bitcoin has officially broken out of this channel that we were in for a couple of weeks. So I'm going to be talking about this and breaking down the overall market structure for the next upcoming days. So with that being said, with this crypto update, let's continue. So if we break down these long-term swing points that we're playing out inside of this bullish channel, we continually have formed higher lows and higher highs, and pretty much over the last couple of weeks, we have been respecting this trend up until we got to the point of where just a couple of days ago, we did create a higher high, but just taking a look at all of these bullish impulsive moves that played out, this was the weakest one that obviously took a couple of days just to barely squeeze out a new higher high. And then following that point, we can see how the overall bearish momentum started to increase again. And so now if we take a look a bit lower on the intermediate term, four hour timeframe, this is where having formed this higher high and this break of structure of where we continually started to create these lower lows. What I was waiting for was to see how we would react to this imbalance that was here at around $23,400. So this is something that I discussed. I was looking at this price region here as the imbalance that we did not fill just yet having rallied from August 10th. So this was a level of where liquidity was residing. And therefore I wanted to see if we can push into here, potentially lower because right below that you have a demand zone, but then from that point on, I wanted to see a market structure shift. So this is where you would create higher highs and then continual higher lows. And then in that case, what you would be doing is you'd be targeting higher highs beyond the high that we had on August 14th, but that's not what happened. I was mentioning how, if we push lower, what I'm looking for is for this larger imbalance that extends between 21.5, all the way up to around $21,900. So the midpoint is at around 21.7. So before the drop, this is what it looked like. And so now we pushed all the way down and mitigated this region, but we have to understand that now we have regressed pretty far away from the mean. And so what I mean is that taking a look at these moving averages, the 13 and the 50, we can see just how far the 13 is now spread below the 50 EMA. So this is where we can wait for some type of probable pullback of where we can potentially get in and continue riding out these shorts. We can see that not only did we fill this imbalance, but we're likely to close in the next couple of hours with an incredibly large bearish candle. So this is the largest candle that we've had within a number of weeks. And this one's even more important because this one took out this swing low here to the left, the one that I discussed. So this was previously a long-term higher low. And so if you want it to continue creating higher highs and higher lows, we would have respected this level, which would represent the bottom of this channel and we would continue pushing higher, but due to the fact that the market structure is broken, we broke below this bullish channel. So we broke below this trend line and we're likely to close bearish. I would be looking for some type of bounce, but I'm not looking for a significant correction. At that point, you simply have to go in the direction of where the momentum is taking you in. So this is where we could get some type of pullback, but I'm honestly looking at this to continue pushing much lower since we broke out of this bullish channel. So then the next region that you can target or that I'm targeting is these lows down here that are at around $19,000. So that's just around psychological level. The reason I just bring this up is because that's where previously we had a region of support. And so a second point, if you don't want to just look at $19,000 is you could technically target this demand zone down here that's at around $19,800. So this is a demand zone. Let me go on to the daily, this daily candles wick, just so you guys can see this from July 14th. This wick, the bulk of it would basically represent a demand zone on a lower timeframe. So let me just mark this out. So that's one target that you can have, but realistically, I think that we can push towards $19,000 and much lower over the next upcoming days, just because the overall trend is pretty bearish. And lastly, if you're looking for some type of pullback, since we are a bit overextended right now, then on the four hour timeframe, or you can even drop down to the one hour, you can look at this previous imbalance that is now mitigated as simply representing a range that stretches from around 21.9 or maybe 22,000 all the way down to these most recent lows, but what I would be combining with this range is to see if we can, if we can get some type of pullback towards the upper portion of it, because now if we take a look at this giant bearish impulsive move that started from August 17th, so basically that order block that was left behind, or you could even look at this as a supply zone. So a large supply zone that we're probably not going to tap into since we already broke out of this bullish daily channel. So we're likely not going to correct all the way up into here. Simply have to accept that. However, you can at least look for some type of pullback of where now, if we look at these swing points and combine the Fibonacci retracement tool to these levels, and if we also include the volume profile, then this can show us how around the 38.2 is where we have a major price imbalance. So this is where liquidity is residing of where, if we do pull back into this region, this would mark a pretty good premium zone of where you can then look to get in in order to ride out this trend. Now, realistically on the one hour, this is where the 50 EMA would probably come back into here and this would, and this might take about a day or so to play out. So this won't be immediate, but if we do get up to this price point, that's at around 22.4,000, that would be a pretty good area to enter some shorts. And if that doesn't happen, if we simply just push towards 23.6% Fibonacci retracement level, which usually only, only happens if you have a very strong trend and there's a lot of momentum and you don't correct any further, well, that would basically match up with the top of this range. So if you enjoyed this update and drop a like and subscribe down below, you have links to my trading community, as well as the private elite group for additional guidance and tutorial videos. So that's all for this update. I'll speak to you guys in the next one.