What you gonna do Bitcoin? Up or Down?
Price action has hit a 4hr support level so I would expect a least an upward reaction into an hourly area of support before heading lower.
There's a potential for price to hit a daily bullish order block down around 9715.
What makes this daily order block so special to attract price down to it? Huge hedge funds and Institutional trading firms that actually move price (it isn't you and me- the small retail trader) typically buy and sell positions in order to hedge against price volatility. In this case a bunch of sell orders got placed which caused price to surge over the next 5 days or so. In order for the Hedge funds to recover from a net short order book, price needs to return back to the price their positions were sold at, at which time shorts will be closed. When a short position(s) gets closed a buy order is/are placed causing price to react.
Know this: price action is NOT random. There are very real reasons why price reacts off of support/resistance levels and order blocks.
