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Long

OKCoin weekly settlement prediction long

OKCOIN:BTCUSD1W   Bitcoin / Dollar Forward 1 Week
Short term indicators show heavy selling has occurred. Price action has slowed down as volume has dropped indicating a possible reversal opportunity.

Volume profile shows a heavy orderblock in this area. Additionally, diagonal and horizontal patterns indicate an area of support.

OKCoin top trader sentiment is at 80% long as of writing indicating major capital backing a bull push.
This idea failed, the position was force liquidated. Support was sold into aggressively setting off a cascade of margin calls. Upon reflection, the correction was healthy and needed after such a rapid ascent in this wave. See my 3/18 chart for more on the waves in this rally.
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