I am not adding to my Long in BTC

I don't buy this as a useful rally that will lead to big gains.

1. We have not yet explored the bottom of the structure. This wick begs to be filled. When we were in it there was plenty of liquidity down there to be tapped.

2. As I showed last week, the upper part strongly resembles a Wyckoff Distribution, and now we have this move as the possible UTAD.

3. Volumes are unexciting, plus if it IS the creek getting crossed, then we will see the re-test and go. This would be around $30,250

4. Moon Carl just said he was "ALL-IN on this BITCOIN BOUNCE!!!". He represents the retail trader's reactions and emotions.

5. I am already long. To get me to go longer I need more evidence than this. I want to see the longs squeezed out. This move just adds to the number of longs that can be slaughtered.


Zoom out and you see that what looks like an exciting impulsive move is jack s__t in the big picture:

I am happy being a bit long, just in case, but I'm going to wait for a higher probability trade, thanks.

Comment:

I have added to my long now. If it were higher i would have waited for confirmation, but down near 20K this is a good enough price to take the extra risk.