Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Looking at a short setup for BTC which is the wyckoff distribution schematic #1 I can see BTC running upwards to take short stops and test the yearly open before going back down again, this way both bulls will be trapped and bears will be out of position.
Trade plan: Waiting for BTC to push above the UT and possibly test yearly open, I will open a short position when the range is reclaimed and makes a swing failure pattern.
Alternatively: BTC could test the H4 supply and fill the CME gap and go down from there but will have to wait and see how price develops from that level