TF: Day
I don't think price is done with the distribution/accumulation phase. I think price may push up to the high 30k to low 40k area to grab some liquidity before pushing down to the 28k-30k area and possibly breaching this area for stops.
Something key to keep an eye on is that BTC futures traders are pricing contracts that are a few months out at the same price as the current spot price, this is fairly bearish sign that large traders/institutions may be losing short to mid-term interest in BTC.
It isn't long or short because you want it to be, it is because price action and fundamentals tell you it is.
I don't think price is done with the distribution/accumulation phase. I think price may push up to the high 30k to low 40k area to grab some liquidity before pushing down to the 28k-30k area and possibly breaching this area for stops.
Something key to keep an eye on is that BTC futures traders are pricing contracts that are a few months out at the same price as the current spot price, this is fairly bearish sign that large traders/institutions may be losing short to mid-term interest in BTC.
It isn't long or short because you want it to be, it is because price action and fundamentals tell you it is.
Note
Price is moving towards the anticipated zone. I think a tap at around 43k is highly likely. I would like to see rejection at that area with a move down to break the recent lows before any move higher
Note
Quick buy to 43-44k in my opinion, then possible short from that area
Note
Looks like price didn't want to push up to $43-44k; however, price is moving down as anticipated
Note
Price tapped below the anticipated zone and looks like it held as support
Note
Looks like it might want to retrace upwards a bit
Note
It either rejects or moves to higher $30k from here as shown
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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.