BTC Short-term Long Scalp Incoming

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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The margin market drives lots of crypto movements. Since whales could profit from opening both spot and margin accounts to facilitate pumps/dumps, and only minority wins in this market, counter trading the general margin market bias has worked well in the past.

Currently, both Bitfinex and BitMEX show bearish bias, and this means we are ready for a long scalp. However, several other things still need to happen for the setup to go through.
1. Short-term open interest needs to pick up (otherwise there’s no whale in play, simply retail against retail. A very unpredictable situation.)
2. I would like to see the Bitfinex margin trader net position chg picks up and finding support at higher RSI levels.
3. 4hr BTC RSI has dropped below 30 once. Since BTC often revisits RSI below 30 region twice (often wave 3 and wave 5), another potential leg down is possible. When that happens, both Bitfinex and BitMEX margin traders likely will maintain the bearish bias.

Don’t get bear trapped and good luck!

Do you think we are going to drop to 8k anytime soon? Are you a short-term bear or bull? All thoughts and critics are welcomed!

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Comment: Check out the multi-timeframe analysis update:
Comment: Why we think institutional accumulation does not mean BTC breaking out of the current resistances to the upside.

More on BTC long-term perspectives and August rally ahead:

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