High risk/reward trade
Updated
Right now BTC has a very good chance of being bottomed out based on volume profile, price action, which makes this a very good risk reward trade. If we break this level we probably go a lot lower anyways, through which we will be able to enter way better and easily get back the potential losses of this trade.
Note
To elaborate points that support this trade: - At low volume node within high volume node of march-may tops
- Spot volume very low, volume seems to be mostly future driven, probably capitulation so bullish
- Onchain still bullish
- Sell volume seems to be decreasing, looks like sellers are exhausted (RSI is also very oversold in a bigger uptrend)
- MACD bullish div if we go up a little bit
- Many shorts upward from 61.5k
I guess we could go to 53k, but I feel like too many people are waiting there and the correction would probably be bigger if we get there
Note
Never mind, invalidated. Wait a few hours (2-4)Note
Ok few hours later now, would do the same if it shows any sign of making a higher low
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