Distribution Structure:
The chart shows a clear distribution pattern at the top (highlighted in gray), indicating a potential reversal zone. This structure suggests that buying pressure is weakening, and we may see a price pullback or correction.
BTC.D at Key Level: Bitcoin dominance (BTC.D) is currently at a key level, and we are expecting a retracement here. The confluence between the distribution structure on BTCUSDT and the critical BTC dominance level enhances the likelihood of a short opportunity.
Price Action: After reaching the distribution zone, BTC has shown signs of slowing momentum, which further suggests that a pullback or continuation of a downtrend could occur.
Target Range:
The short position could be targeted toward the lower consolidation levels, with a focus on the $87,500 - $85,000 area. The lower end of the original consolidation zone provides strong support that could act as a potential reversal zone.
Risk Management:
Set stops just above the distribution structure to manage risk effectively. Keep the risk-to-reward ratio favorable for the expected move.
The chart shows a clear distribution pattern at the top (highlighted in gray), indicating a potential reversal zone. This structure suggests that buying pressure is weakening, and we may see a price pullback or correction.
BTC.D at Key Level: Bitcoin dominance (BTC.D) is currently at a key level, and we are expecting a retracement here. The confluence between the distribution structure on BTCUSDT and the critical BTC dominance level enhances the likelihood of a short opportunity.
Price Action: After reaching the distribution zone, BTC has shown signs of slowing momentum, which further suggests that a pullback or continuation of a downtrend could occur.
Target Range:
The short position could be targeted toward the lower consolidation levels, with a focus on the $87,500 - $85,000 area. The lower end of the original consolidation zone provides strong support that could act as a potential reversal zone.
Risk Management:
Set stops just above the distribution structure to manage risk effectively. Keep the risk-to-reward ratio favorable for the expected move.
Trade active
Stops should be at Breakeven.
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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.
💎💎- Professional Trader
💎💎 - Discord: discord.gg/gHKNVMyEvd
💎💎 - Trading Course: liquiditysweep369.carrd.co/
💎💎 - Trade Crypto with MEXC: promote.mexc.com/a/o86Er87P
💎💎 - Discord: discord.gg/gHKNVMyEvd
💎💎 - Trading Course: liquiditysweep369.carrd.co/
💎💎 - Trade Crypto with MEXC: promote.mexc.com/a/o86Er87P
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.