Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Previous short idea invalidated, time to move on. Good volume from 6.6 (rip new 6800 shorts and stops) and potential bullish catalysts (likely ETF approval) and explosive volatility after yearly lows are good news and should allow at least a small relief rally into the 8000s. R/R of btc at this current price ~7.5k for longs is absurd; If you closely examine the orderbook behaviors from 7.3 to 7.5 in the past few hours it appears ask side liquidity is often pulled and price is quickly being bought up on thin books.
Given the lack of a retrace on this huge upmove after breaching 6.8 i'm expecting a retrace to at least 7.2; Planning to scale into longs at 7.2~7k with large scalp shorts at this level if we don't consolidate at the very least. Profit has been taken on longs and I'll let them ride with take profits/stops at 7k flat. Only concern for current shorts is we continue upwards like in april