BTC daily and weekly is still fairly bearish; closing below early 6400 support; however, 4H looks like a possible wyckoff accumulation. Where do we go?
I'm currently still net short but now nearly flat with longs from 5900 ~ 6000 (5800 on Sept XBTU) as BTC. The possible wyckoff accumulation on the 4H is a lot less structured compared to the distribution pattern at 9.9, but given that in the past week we've seen some better bullish reaction to this price range, at least some upwards moves can be expected. It's possible we see another large upwards move like in april but there are also less shorts to squeeze currently.
Current plan: keep futures longs open with stops slightly above breakeven (invalidation); keep existing short open with more asks at 6400~6600; stop at 6880.
Stay safe!
I'm currently still net short but now nearly flat with longs from 5900 ~ 6000 (5800 on Sept XBTU) as BTC. The possible wyckoff accumulation on the 4H is a lot less structured compared to the distribution pattern at 9.9, but given that in the past week we've seen some better bullish reaction to this price range, at least some upwards moves can be expected. It's possible we see another large upwards move like in april but there are also less shorts to squeeze currently.
Current plan: keep futures longs open with stops slightly above breakeven (invalidation); keep existing short open with more asks at 6400~6600; stop at 6880.
Stay safe!
Trade active:
Short asks mostly filled; stop moved to 6920 in case of wicks
Trade active:
Moved stops to 7050; see
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