A little chart update as longs are getting the jitter, and market makers are accumulating in the background.
Our prop pattern ("Great White") is now underway, with 884.75 as a low tolerable target before dialing our directional bias to neutral. To be clear, at this point, BTCUSD remains a play.
Traders, pay particular attention to spikes associated with pinbars, which is often a discreet indication of accumulation in the direction of the (i.e.: a points up, and a spike associated with this candle morphology points in the direction of market intention)
If and once the tides turn against our current directional bias, we will provide additional (educational) technical comments on this player, but for now, it remains a player. The timeframe in consideration indicates continued accumulation. Above targets will be modified once structures are taken down. But a rally will need to occur prior to this commitment.
David Alcindor | 4xQuad.com
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)
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