Bitcoin Smart Money Analysis shows the institutional traders’ activity in the market that will help traders to define the precious outlook of the BTC price. The main price driver in Bitcoin are whales where any presence of their activity at the top or bottom works as a major reversal signal.
Currently, BTCUSDT price is trading below the important 30,000.00 level whit a lot of negative sentiment due to the Ukraine-Russia war and possible global inflation. In that case, the primary aim is to consider the upcoming price movement as bearish. On the other hand, the SMC trading strategy shows a deeper understanding of the market where any discounted price with institutions’ involvement would be a buy signal.
Do you want to buy Bitcoin now? Where the BTC price is heading according to smart money concepts (SMC)?
Let’s see the weekly market outlook from Bitcoin Smart Money SMC Analysis
Bitcoin Analysis- 13 June 2022 to 17 June 2022
The current daily chart of BTCUSD shows an impulsive selling pressure where the channel breakout opens retail traders’ interest in the market. However, the current bearish pressure left some imbalance above the June 2022 high where on the downside the bullish order block also remained unmitigated. In that case, as the current market sentiment is bearish for retail traders the bullish break of structure above the 31468.00 level and a bearish correction is a sign that smart money may open another try to pull the price up.
In the above image, we can see how the Relative Strength Index moves lower below the 50 neutral level where the possibility of testing the 30 area shows a retail bearish pressure. Moreover, the selling pressure after taking the 31468.00 level comes with consecutive bearish daily candles, opening the possibility of showing a considerable bullish correction.
Based on the current daily smart money concept trading strategy, any bullish rejection from the unmitigated order block of 26698.00 to 27771.00 area would be a decent bullish opportunity in this pair. On the other hand, the failure to hold the current bullish order block would crash the price towards the 19,000 area.
Bitcoin Smart Money Volume Analysis
According to the high volume in the visible range, Bitcoin is trading below the 28927.64 high volume level where the gap between the current price and the high volume level is high. In that case, the existing high volume level might work as an immediate resistance level where failure to hold the selling pressure below the unmitigated OB would be a bullish sign.
Bitcoin Smart Money Analysis- Is BTCUSD A Buy?
On the other hand, the broader market context is facing volatility due to the recent CPI rate shown by the US economy where the higher inflation opened a possibility of a recession. In that case, close attention to this week’s movement of FOMC is needed where any sign of the dovish tone and negative sentiment due to the higher inflation would strengthen the US Dollar, due to the valuation problem.
Based on the current price formation, the bullish price action has a higher possibility to appear as the current price shows buyers’ interest from the 26698.00 to 27771.00 order block. In that case, the primary idea is to open a buy position if the daily candle closes with a long wicked formation on the downside. The primary target of the bull run is the 33719.00 resistance level, which is the minor bullish pressure against the major bearish trend.
The alternative approach is to wait for a daily candle below the 27000.00 level and open a bearish position from the 31468.00 to 31000.00 order block towards the 24000.00 level.
