In my previous idea I was talking about the end of the bull market, that BTC won´t go for new ATHs. I am still sharing this opinion as long as BTC won´t claim the pmPOC above, as long as it doesn´t build value above.
All we have seen was a "look above and fail" which indicates weakness. This could result in a huge FTR (failure to rotate), bring the price back down to the origin of the move, 74k ish and potentially lower.
I was describing how such a short could get confirmed for example with:
".. if the pmPOC (previous month point of control) will be approached on high volume but claimed on lower volume, we will likely see a FTR.
I have marked the approach of the pmPOC with the yellow arow in the volume delta chart at the bottom. We had damn high volume and started closing above on lower volume (likely no acceptance). So I already started taking shorts at 96800 ish.
Bulls need to do something and claim the pmPOC asap + build value above.
If not, then my bearish targets will be in focus.
For now, I am convinced that it is setting up for a huge dip to 72k.
All we have seen was a "look above and fail" which indicates weakness. This could result in a huge FTR (failure to rotate), bring the price back down to the origin of the move, 74k ish and potentially lower.
I was describing how such a short could get confirmed for example with:
".. if the pmPOC (previous month point of control) will be approached on high volume but claimed on lower volume, we will likely see a FTR.
I have marked the approach of the pmPOC with the yellow arow in the volume delta chart at the bottom. We had damn high volume and started closing above on lower volume (likely no acceptance). So I already started taking shorts at 96800 ish.
Bulls need to do something and claim the pmPOC asap + build value above.
If not, then my bearish targets will be in focus.
For now, I am convinced that it is setting up for a huge dip to 72k.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.