Bitcoin currently seems like it is in distribution. If it starts moving higher steadily, I will long again. For now, I have closed all long positions and am flat, while considering a short. If you are interested in Wyckoff, you can search the Wyckoff Schematic pattern and explanations.
While people have compared Wyckoff to the frequently mocked theory, it has predicted the Tron move upwards (see idea in related section). Maybe that was painted, but perhaps it can predict the further Bitcoin movements.
The reason is due to the high funding and open interest rises, which suggest large amounts of long positions are being opened here, leading to a potential drop .
Thanks for viewing! I doubt anyone else is going to post a idea here. I wanted to share my current thoughts, even if the chart will ignore everything and keep going higher, which is a real possibility. I'm happy everyone is making money and having a good time in this market. I am too.
My prediction for this idea is that it will receive little support due to everyone viewing being long & hoping for 5 digit Bitcoin , but will surpass 300 views.
I'm actually somewhat confident, and so I want to use more contracts. Might bite me later though.
I plan on adding more here. Will be doubling position size.