Expectations for the next few days:
- Retrace to 6200-6000. Price should not dip below 5880 = demand cluster EQ
- Push up to test the swing high / Nov 2019 shoulders at 6880-6950.
- Eventually fill the price / volume gap between 6938-7672
Currently scalp short due to a nice LTF SFP setup.
- Small 0.5% portfolio risk, may add upon hourly close.
- Targeting the high of the recent demand cluster.
Why I'm bullish BTC (until 7670):
- We broke out and retested the 3700-5600 demand cluster / capitulation range / 2018 bear market consolidation low.
- Decreasing downward momentum, confirmed by 1H MACD bull div and forming a convex arc
- LTF MS flipped bullish at B1
- We broke through and retested the 200 Hourly MA (red line).
- We broke out of the 5670-6100 order block. Expecting a retest, hence the short, but it's possibly that we directly flip the 6400 level, which is LTF range high ≈ 2018 Q3 Open = Nov 2019 head = All-time POC
- Massive price / volume gap above begging to be filled. Market makers holding onto underwater longs from the steep drop are certainly going to try and exit their positions near breakeven.
If we get 6200-6000, I'll load up long near full risk.
- Target 2x extension of the 3700-5600 demand cluster.
- Invalidation if we break March 23rd swing low (=> LTF bearish MS); stops below the deviation swing low
- Price shouldn't go below 5880 though to maintain arc convexity
Prettier screenshot for a cleaner view:
LTF scalp short:
- Retrace to 6200-6000. Price should not dip below 5880 = demand cluster EQ
- Push up to test the swing high / Nov 2019 shoulders at 6880-6950.
- Eventually fill the price / volume gap between 6938-7672
Currently scalp short due to a nice LTF SFP setup.
- Small 0.5% portfolio risk, may add upon hourly close.
- Targeting the high of the recent demand cluster.
Why I'm bullish BTC (until 7670):
- We broke out and retested the 3700-5600 demand cluster / capitulation range / 2018 bear market consolidation low.
- Decreasing downward momentum, confirmed by 1H MACD bull div and forming a convex arc
- LTF MS flipped bullish at B1
- We broke through and retested the 200 Hourly MA (red line).
- We broke out of the 5670-6100 order block. Expecting a retest, hence the short, but it's possibly that we directly flip the 6400 level, which is LTF range high ≈ 2018 Q3 Open = Nov 2019 head = All-time POC
- Massive price / volume gap above begging to be filled. Market makers holding onto underwater longs from the steep drop are certainly going to try and exit their positions near breakeven.
If we get 6200-6000, I'll load up long near full risk.
- Target 2x extension of the 3700-5600 demand cluster.
- Invalidation if we break March 23rd swing low (=> LTF bearish MS); stops below the deviation swing low
- Price shouldn't go below 5880 though to maintain arc convexity
Prettier screenshot for a cleaner view:
LTF scalp short: