Thanks for sharing!
We are actually on the bearish side for the short-term.
The current low market interest might lead to a prolonged correction, and the more times we fail at breaking up, the more bearish BTC looks for the short-term. CME institutional traders’ net position remains similar to the level in mid-February 2020 (the BTC price peak before "black Thursday" 40% drop), and it has been dropping significantly since BTC attempted 10k. For a short-term bullish scenario to work, we would like to see the institutional net positions reversing to an increasing trend.
What do you think of our setup below?
Yurlo
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@Phi-Deltalytics, Nice! We're consolidating under 9300 which tells me bulls applying more pressure then bears!
We are actually on the bearish side for the short-term.
The current low market interest might lead to a prolonged correction, and the more times we fail at breaking up, the more bearish BTC looks for the short-term. CME institutional traders’ net position remains similar to the level in mid-February 2020 (the BTC price peak before "black Thursday" 40% drop), and it has been dropping significantly since BTC attempted 10k. For a short-term bullish scenario to work, we would like to see the institutional net positions reversing to an increasing trend.
What do you think of our setup below?