Bitcoin price looks like a scalpers market; here are the levels to be aware of

Bitcoin's price may rise to $44,000 in order to complete a head and shoulders pattern. On the daily chart, the BTC price is printing a bullish hammer. A breach of less than $36,400 is considered invalid.

The price of what is the most valuable crypto over the likes of Ethereum, Ripple and Quint may experience a countertrend rally. Wave C of B might be impulsive as the dangerous countertrend move unfolds.

The price of bitcoin may rise and then fall.

The Bitcoin price may continue to deceive traders, as Smart Money has successfully conducted a liquidity hunt for the second Monday in a row. Traders attempting to short bitcoin were likely locked in a $33,000 loss due to the BTC price. The price of Bitcoin may continue to rise in order to liquidate as many short traders as possible.

After today's fakeout, bitcoin is trading at $40,166. If market conditions continue unchanged for the following several hours, the bulls will have formed a bullish hammer candle, potentially signaling the start of a fresh uptrend surge for Bitcoin. After today's trading session, the volume indicator profile appears to be pointing to bullish price action.

In light of the present downturn, a probable bull run to $44,000 would complete a classic head and shoulders pattern. The rising rally would be designated wave C of B inside the pattern, so traders should keep it in mind. As a result, once the target is attained, stronger drops may occur. Nonetheless, it's advisable to approach this trading idea cautiously.

A breach below $36,400 invalidates the short-term bullish thesis, implying a 1-1 setup for traders looking for the $44,000 goal. If the bears manage to pass $36,400, the next bearish target would be $33000, implying a decline of up to 17% from the present Bitcoin price.