Very bearish HTF PA, Bitcoin is unable to retest higher after the dip into 4h demand order block below. Lots of shorts to liquidate but bulls not able to push up price enough. Not expecting it go much higher from this range.
Resting on high timeframe support currently but can see it breaking down soon.
As anticipated LINK started climbing as soon as BTC leveled out. Entry here is on the SCMR reversal candle close (blue) and now confirmed by Quantbot, which caught the last entry well.
TP1 is the overhead order block and SL right under the demand block below. This should work out as long as BTC stays rangebound.
Bot signaled entry on 1h previously, close above 8090 on 4h would confirm a stronger trend (note how it caught the last push to 8.8k).
Currently at order block resistance, a close as per above would most likely give us a test of 8.3k.
The bot predicted the push up correctly, but given the price action over the last months I would rather enter short on the next signal. HTF positon is still short and could add on a LTF reversal to the downside.
Anemic price action after breakdown from >100 days of top consolidation.
No signs of reversal or even a bottom on Better SCMR (compare 3k bottom price action).
Price would need to climb above distribution order block (rectangle overhead) to continue uptrend. Very unlikely to happen anytime soon. More downside to come.