Bitcoin Market Update [22MAR22] PART 6

Bitcoin-Market-Update-22MAR22-PART-6

Inspos Conclusion and personal trade strategy
Still missing solid bullish signals. Short-term its possible to lift up a bit more, but based on on-chain data, accumulation/distribution, future trading, option trading and walls I think we reached again our local top. We should maintain our current level a bit to distribute all the tokens and when we are done I would expect a big dump due the high GEX and leverage ratio related to futures. Market Makers like to make the opposite of what market actors expect, in particular related to option trading.

In case we dump I would expect POC 1 first. Maintain there and retest resistance (42k) and support (41.6k). In case we drop more POC 2 should be our destination. Also here, a retest of resistance (41.3k) and support (40.3k). If we are very bearish and we drop even more, POC 3 should be the level where we retrace due the fact that we will find liquidity for sure there. We have here a resistance at 39.7k and a support at 38.3k.