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Bitcoin is looking pretty bearish. I give my thoughts in the video. Let me know if I should continue these vids or just stick to regular charts. Still getting used to talking on video
Drill this into your brain.
BTC analysis on the daily. Details on the chart
If institutional traders wanted to go long they need to engineer liquidity. They have to create sellers so they can buy. How do they create sellers? They trigger stops. Sell orders will flood the market if we break 5800, some from sell stops of the buyers, and the others from the breakout traders. Think of all the people who have longed low 6k this entire year, ...
Some questions you need to ask when looking at supply/demand levels:
How did price leave the level?
How much time did price spend at this level?
Answering these two simple questions can give you better odds when taking a trade.
My thoughts are on the chart.
My thoughts on Bitcoin right now. Let me know if you like these videos or if I should just stick to the charts. Thanks
Here's what I'm seeing. I'm not looking for any longs atm, only shorts because things are looking pretty bearish to me. I expect the weekly OB EQ to be a trouble area for bulls. Also the OB at 6800 looks like a good level to short.
Demand is getting weaker. We will see
Overall this looks like a potential rounding bottom pattern. Price action has been beautiful lately compared to the last few months. Historically 6k has been a well defended area for Bitcoin. Take into consideration that we have also set the first higher low of the year. Alts also seem to have potentially bottomed out. Of course there is no way to tell if they ...
My thoughts on BTC. Currently flat, marked my idea long & short levels on the chart. A pullback to sub 6500 and I'm looking to long. A rally up to 7k and I'm looking to short.
Here is what I'm seeing.
We saw similar setup that I have talked about before. A channel strategy looking at failures to reach the other side of the channel, shows a weakening trend. I have been scaling into my long position. If we break 400 support level our last level of hope is 360
Here is a Volume Profile strategy I use.
If I think about what would cause the most pain for retail traders the logical move would be to take out 10k. This would create a ton of fomo & lead to retail claiming this as the bull run to new ATH, would complete the wyckoff cycle, & complete Aprils fractal. Tons of traders would get trapped and then price tanks.
Details on chart.
If we have a pullback I will add to my long near 6550, expecting us to break 6800 resistance. Likely first target is around 7100.
Longing here & giving a quick lesson on how to use high & low volume nodes with the VPVR. Price will often move from HVN to HVN while blasting through LVNs where there is a low amount of orders/low liquidity. You can use this to find S&R levels and price targets.
Here are some similarities I'm seeing. We seem to be following exactly what happen in April. If we were to continue this it would take us up to 7.7k-8k and then we would could be expecting another downtrend.