In my previous btc idea I was looking for lower prices, more into the 72k region or even lower. We got a lower low, some nice shorts and gains but that was it. No touch of 72k or lower prices. The bigger pullback to the upside was expected, but came a bit earlier tho. That´s fine tho.
Is it bullish now? Are the bears exhausted and will bring the price to new ATHs? Forget it. It won´t happen. Now is a good time to get rid of your btc holdings and start accumulating short positions (if you want to short the market). Why is that?
I strongly believe that we are in wave "B" of an A-B-C correction. The way up to the ATH was the 5th wave. The downtrend was wave A. The current wave is wave B which will inject hope once again. The people who won´t realize that this is a fake and the last opportunity to get out, they will get hurt very bad. The next wave, the C-wave, will be impulsive and brutal.
So I am mentally prepared for a big short, but I didn´t take a short yet.
I am interested in the pmPOC above.
Let´s say it will get approached (and touched with the same candle) on high volume and then claimed by low volume, then it could be a good opportunity to get into a short for a potential FTR (failure to rotate scenario). This scenario would target at least the liquidity at the origin of the move, but price could fall even lower.
Eventually the POC will get approached on high volume, not even claimed and we see retests on lower volume. Then I would be also interested in a short.
We need wait and see how things will develop.
If the price claims the pmPOC on strong volume and builds value above it, then it will keep going higher. In this case the pmVAH at nearly 100k would be the next target.
I am remaining cautious with aggressive btc longs. I am open minded for continuation but once I will get the confirmation for a short, then I will be aggressive and prepared for a big swing short.
If you would ask me today: We will definitely see prices below 70k, once this wave to the upside is over.
Stay safe, have a clear mind.
P.S. Please extend the pwProfile from last week until now (28th of April, 4 p.m). You will see that the POC did not shift higher. BTC´s price is moving a lot higher, but it isn´t building any value up here. Price is advertising an opportunity right now. It will likely get pulled back to value. It is very similar to my previous SUI idea. SUI also moved a lot higher without building any value. I am expecting the same outcome (drop) for SUI sooner or later.
Is it bullish now? Are the bears exhausted and will bring the price to new ATHs? Forget it. It won´t happen. Now is a good time to get rid of your btc holdings and start accumulating short positions (if you want to short the market). Why is that?
I strongly believe that we are in wave "B" of an A-B-C correction. The way up to the ATH was the 5th wave. The downtrend was wave A. The current wave is wave B which will inject hope once again. The people who won´t realize that this is a fake and the last opportunity to get out, they will get hurt very bad. The next wave, the C-wave, will be impulsive and brutal.
So I am mentally prepared for a big short, but I didn´t take a short yet.
I am interested in the pmPOC above.
Let´s say it will get approached (and touched with the same candle) on high volume and then claimed by low volume, then it could be a good opportunity to get into a short for a potential FTR (failure to rotate scenario). This scenario would target at least the liquidity at the origin of the move, but price could fall even lower.
Eventually the POC will get approached on high volume, not even claimed and we see retests on lower volume. Then I would be also interested in a short.
We need wait and see how things will develop.
If the price claims the pmPOC on strong volume and builds value above it, then it will keep going higher. In this case the pmVAH at nearly 100k would be the next target.
I am remaining cautious with aggressive btc longs. I am open minded for continuation but once I will get the confirmation for a short, then I will be aggressive and prepared for a big swing short.
If you would ask me today: We will definitely see prices below 70k, once this wave to the upside is over.
Stay safe, have a clear mind.
P.S. Please extend the pwProfile from last week until now (28th of April, 4 p.m). You will see that the POC did not shift higher. BTC´s price is moving a lot higher, but it isn´t building any value up here. Price is advertising an opportunity right now. It will likely get pulled back to value. It is very similar to my previous SUI idea. SUI also moved a lot higher without building any value. I am expecting the same outcome (drop) for SUI sooner or later.
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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.
Related publications
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.