Technical analysis by HolRiz about Symbol BTC: Sell recommendation (2/6/2024)

Looking at the Bearish scenario here. Following Arthur Hayes (Bitmex founder)'s recent comments suggesting that he sees big players needing to go on a liquidity hunt downwards towards sub $35k before we go to $50+. Here looking at a possible ending of a B wave of an ABC retracement, perhaps this triangle breaks up to get the hype before we break down again for the liquidity run: Buy zone I am looking at is a Confluence zone (31,000-35,000) * Previous resistance turned support at 31,000 (May Jul 23) * 0.5 FIB retracement level of 2023 run up (right) * Upward trend line (red dotted) * 500 Day EMA (purple) * 1-1 Fib extension of A wave of ABC correction