Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Good Morning traders!
Today we will have a quick look at the BTC chart. Everything is based off of the BTC PA. Alts may move for a short while breaking the coloration to BTC, but they always revert to the mean-following BTC.
BTC continues to build orders much like ETH, I can see a deep pullback on the cards into the green area before the bullish run continues.
Retail traders will stack stops in obvious places and whales and institutions will see this, this provides an area for this market movers to target.
The decisions are the most important to us. Fill that Bid-Ask ladder, create imbalances and enjoy the lightsabers.Then measure the pain and gain and play the most profitable direction (most volume). Based on footprint huge amount of shorts opened in that candle up to 47K and they are in gain and seems they are snowballing into previous ones from 22. aug. while longs from before are averaged around 44300 (breakeven) with potential to squeeze about 275M just at mex which would trigger wick sub 41600 - to where ? We can´t really know - orderbook queue will decide depending on how traders manage their accounts :) Sub 41600 can be super huge :P
levels to watch short term: 45780, 46715,47354,47828, 50300, 51700-51780,51940-52090,52750-53K, 53500-53680, 56700 - rekt points to watch for. Downward its 42950-42690-42290, 41560,41185,40390 but crossing 41600 should trigger it all...
EnvisionEJ
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@DuchCick, Its just a waiting game currently! I have no doubt we go higher overall, but we have areas each side that should be filled first, not to mention all the buy/sell orders being stack currently, which ever way the PA decides to move here its likely we will get a strong reaction! :D
DuchCick
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@EnvisionEJ, updated levels so its fun :D its crowded area, news, ideas and rekt and all the other confirmation biases intersecting :) so in reply to you - indeed :D
@DuchCick, still some stacking going on I feel, will be a decent pop again when it goes!
DuchCick
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@EnvisionEJ open interest down, contracts being closed across exchanges, yesterdays shorts profited out in majority, some few millions left to be at breakeven here 46K... rekt points i have mentioned - pain will cause SL till them being hit if spot supply at 46-46700 crossed, then 52K shorts ... some stacking/trapping might be but Open Value of contracts going down so big players cover their positions on volume so I guess there will be some re-fill on the rekt points - thats what we gotta watch
DuchCick
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@EnvisionEJ, see? math :) Open value went from 14200 to 13000. Pain(stop losses) was closing shorts resulting in buy pressure. A bit supported by active acc.management(SL) - letting orderbook to execute queue and close contracts at exchange. Bit of buy pressure from stocks correlation and magic happened - or better said queue :)
DuchCick
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working like a charm :) as mentioned in comment above "not re-shorting" so letting pain finish the auction opportunity.Open value squeezed further downfrom 13K to 12400... AT 47200 stoo losses instead of rekt. triggered where it closed LONG against CLOSE SHORT. Meanwhile we are building another auction that will be object to short term paingain auction. LONGS adding 46700-47200 via bids where MM trapped 12 M shorts now testing weak hands DCAing it up.
EnvisionEJ
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@DuchCick, Just needs one decent sweep out and things should be back on track! :)
DuchCick
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@EnvisionEJ, finally man. target reached to the last rekt point
levels to watch short term: 45780, 46715,47354,47828, 50300, 51700-51780,51940-52090,52750-53K, 53500-53680, 56700 - rekt points to watch for. Downward its 42950-42690-42290, 41560,41185,40390 but crossing 41600 should trigger it all...