Bitcoin: Is the bottom in? That is the wrong question!
1) After a month of ranging behavior, Bitcoin breaks a key support level (7700ish), and with all the long liquidity lying underneath, price essentially prints a green dildo stop hunting the bullz that flipped bearish below 7.7.
2) Price fails to close above prior Major support that naturally acts as resistance (on the way up)
Conclusion #1 that leads to a short idea
3) Price starts falling gradually & technically reasonable (see H1 chart) and eventually meats an area of potential support. No buying pressure (pot momentum flip) triggered at the time. <add to short>
4) Pace gradually increases as key (pot) support breaks (no reason to close short)
5) A high probability level (end of market acceptance zone, see vpvr), where profit must be taken to reduce risk and start seeking a flip in momentum
6) Buying pressure intensifies as the dip to another key level is reached (0.707fib, channel low, market acceptance/full chart/). See DOM charts (ex. Tensor)
7) As long as price remains below (no Meso/Daily close) this level, bears are in control. Looking at the high TFs (>Meso), technically we have a downtrend.
However on Meso (H4-H6) we have a potential trend emerging (HLs thus far).
"The first counter trend move is rarely the origin of reversal"
^Keeping this in mind there is no need to rush into a *new trade, leaving it to chance. Only If price manages to close above Quarterly lvl 7700, printing a HH (after the presence of HL) then I would consider a long exposure
>H1
>3D
2) Price fails to close above prior Major support that naturally acts as resistance (on the way up)
Conclusion #1 that leads to a short idea
3) Price starts falling gradually & technically reasonable (see H1 chart) and eventually meats an area of potential support. No buying pressure (pot momentum flip) triggered at the time. <add to short>
4) Pace gradually increases as key (pot) support breaks (no reason to close short)
5) A high probability level (end of market acceptance zone, see vpvr), where profit must be taken to reduce risk and start seeking a flip in momentum
6) Buying pressure intensifies as the dip to another key level is reached (0.707fib, channel low, market acceptance/full chart/). See DOM charts (ex. Tensor)
7) As long as price remains below (no Meso/Daily close) this level, bears are in control. Looking at the high TFs (>Meso), technically we have a downtrend.
However on Meso (H4-H6) we have a potential trend emerging (HLs thus far).
"The first counter trend move is rarely the origin of reversal"
^Keeping this in mind there is no need to rush into a *new trade, leaving it to chance. Only If price manages to close above Quarterly lvl 7700, printing a HH (after the presence of HL) then I would consider a long exposure
>H1
>3D
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.