Hello guys, as mentioned in previous ideas, im just a day trader sharing my ideas.
Please do not take them as financial advice, always do your own research.
As mention before, we've been shorting since 52k and waiting on BTC to descend to its highest support and demand zone, which spans all the way from 43k to 40k, to enter into some fresh LONG positions.
In the past few days we've seen a lot of volatility, and the pair is trading at 41k at the time of writing.
We can see a lot of buying volume rolling in, suggesting accumulation and leveraged traders are doubling down on their positions as the leverage ratio in exchanges is rapidly increasing (Which means traders are confident about their positions).
Finally we can see an interesting pattern forming which would suggest a trend reversal, the Wyckoff spring. There are a lot of ideas here about Wyckoff's accumulation phase here on TradingView, so I won't get into the details, but if that is whats going on, we should expect a pattern like the one drawn play out in the next few days.
I am still confident on my analysis, and Im personally happily accumulating more BTC at lower levels, averaging my positions.
If the price turns down from 40k, we can expect to revisit lower levels like 38k. If that plays out all we have to do is stay calm, stay away from high leverage and accumulate at lower prices to average out our positions.
Hope you guys are doing well and taking some profits along the way, money management is KEY.
Please do not take them as financial advice, always do your own research.
As mention before, we've been shorting since 52k and waiting on BTC to descend to its highest support and demand zone, which spans all the way from 43k to 40k, to enter into some fresh LONG positions.
In the past few days we've seen a lot of volatility, and the pair is trading at 41k at the time of writing.
We can see a lot of buying volume rolling in, suggesting accumulation and leveraged traders are doubling down on their positions as the leverage ratio in exchanges is rapidly increasing (Which means traders are confident about their positions).
Finally we can see an interesting pattern forming which would suggest a trend reversal, the Wyckoff spring. There are a lot of ideas here about Wyckoff's accumulation phase here on TradingView, so I won't get into the details, but if that is whats going on, we should expect a pattern like the one drawn play out in the next few days.
I am still confident on my analysis, and Im personally happily accumulating more BTC at lower levels, averaging my positions.
If the price turns down from 40k, we can expect to revisit lower levels like 38k. If that plays out all we have to do is stay calm, stay away from high leverage and accumulate at lower prices to average out our positions.
Hope you guys are doing well and taking some profits along the way, money management is KEY.
Trade active:
A lot of accumulation going on, strong rejection at the 41k level, and the Asian trading session kicked off with a lot of buying. We should expect a rise to 43k in the following hours.
Trade closed: target reached:
Took a while but broke 43k as expected!
