BTCUSDT and FUD, FOMO and low volume

A quick look at BTC and we can see that the hourly has rejected at the descending trendline. Nothing special about this predictable move , the possible scalp i have drawn out has a bad RR ratio and i would not advise it . I am more interested in the larger aspect of things as the FUD and FOMO news clash into an amazing war of nothing news.

The daily is where it is at, i think that this current formation is extremely squeezed and that the momentum can pick up at any moment with big volume.

And because the weekly looks to be weakening to the lower side, i continue to be bearish short term and i am trying as much as possible to be reasonable and not biased.

Here is a view on the weekly

My own targets and opinions(thank god we can still have those freely without getting burned)

- Retest of the 30k Level is highly possible and will allow a new wave of entries. That level is also a confluencial point with a fib Support. It will hold as long as we have a good amount of buys in there.
- Since the 19th may we have been in one of the cleanest ranges we have had in the past year on BTC, making upside trend validation extremely difficult as the price is almost 19% far from the top resistance.
- This formation is treacherous because inside a range anything can happen, we are forced to look on smaller TF that simply are not as pertinent as higher ones.
- Currently rejected POC and descending trendline, meaning there is not enough bull pressure around.
- Orderbooks hold undecisive levels inside the range, another bear metric.
- Large timeframes suggest that the Spring has not been created yet(and yes i know i said there was a spring there last time... well it wasnt that) . If indeed we are waiting for a spring to form that means that we also need to wait for a drop to happen.

What about that weekly then?

Notice the two triangles that i talked of in a previous video on our channel? Well the price is reacting on the weekly to that descending trendline and can still pop out. We are missing a key ingredient though . A CATALYST. The price will not break to the upside without a catalyst , we don't have any good one now.

Bottom line: Getting exact targets in this formations isnt difficult, predicting the direction is, i don't like to BS , predicting the next move is extremely hard , i have my bear bias based on the cited points but of course i can be invalidated in the snap of a tweet.

Keep Safe

SublimeTraders

Join our free telegram community here: t.me/sublimetraders
Our website: sublimetraders.com/
Proudly listed on binance-futures-signals.com/

GET Lorentzian ML access - bit.ly/Lorentzian

Also on:

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.