Could Bitcoin be about to reverse?

Bitcoin has had a nice pump in price over the last couple of days and the past few weeks i have been watching this Daily Swing High at $25212 as a level price will be drawn to for a couple of reasons:

1. Buyside Liquidity or in other words, traders who are short from the top could have Buy Stops above this level which is what the market will be drawn to if it wants to send the price down.
2. Retail is already bullish and a break above this major swing high will cause even more traders to enter the market with expectations of further momentum to the upside.
3. Strong Fibonacci rejection, since this most recent pullback if we apply Fibonacci from swing low to swing high we can see price rejected from the 38.2% level. This indicates strong continuation and a price target i am looking at before we see a potential reversal is the -0.27% level at $26421.
4. DXY & BTC – Usually when we get positive news for the dollar, we get a rally on the DXY. Because BTC is usually inversely correlated to the DXY we should see a dump in BTC. But recently we have had bullish news on the dollar but BTC has also rallied which tells me this move up could be short lived.

These 4 reasons in my opinion provide the perfect opportunity and the liquidity necessary for the market to have another big leg down.

When we look at the overall crypto market as well as the current state of major world economies i feel we have not yet seen the bottom of this market cycle.

If we push up to the level above i will be looking on the smaller timeframes for an entry. What i want to see is a strong rejection breaking a previous higher low and then i will look to enter the market on the retest of a price imbalance.

If we get to this stage i will provide more charts. Happy trading!

*Update*

We got our rally in price and the run on buyside liquidity followed by a strong rejection breaking a previous lower time frame low.

Buyer recovery came in and we got the retest on our lower time frame imbalance. Entry secured.

Partial profits have been taken and letting the rest run to my final target.