Watching a possible 'M' formation on the Bitcoin chart.
There is still liquidity to be taken, the teal arrow shows in profit short positions while there are trapped shorth at the bottom of the pump, circled in yellow.
The wedge formation we had a few days ago formed wicks and also trapped short positions, the Market Makers will be looking to recover those at some point, could be tonight.
Given the current state of he market, I have to remain bearish and expect those points to be taken before we can recover. Remember, there is still a sell off going on and people are scared, hence the negative funding rates on most exchanges.
Be safu out there when trading the smaller TFs.
Jakk ₿
There is still liquidity to be taken, the teal arrow shows in profit short positions while there are trapped shorth at the bottom of the pump, circled in yellow.
The wedge formation we had a few days ago formed wicks and also trapped short positions, the Market Makers will be looking to recover those at some point, could be tonight.
Given the current state of he market, I have to remain bearish and expect those points to be taken before we can recover. Remember, there is still a sell off going on and people are scared, hence the negative funding rates on most exchanges.
Be safu out there when trading the smaller TFs.
Jakk ₿
RSI and stocastics are pointing up sharply, but at a rate not healthy for a trend and while I'm talking about trend, they are weak as you can see they are coloured red.
The MACD has flipped bullish but flickers back and forth weak/strong, favouring the weak side (the screenshot grabbed it strong)
Note, I could be wrong but I think we go up for a liquidity grab on the wick then down for the positions below.
Jakk ₿