Long

$BTCUSD - Simple Long on the Losers Dime

Updated

If you pop over to CT - you get a myriad of different calls from the talking heads about sweeping lows, new lows, 3k incoming, BTC to 1k, etc etc.

You can imagine where these people are setting their bids - my aim is to front run them by using out most recent swing low, as i believe the big players will want to generate liquidity by running those stops, and avoiding any of the crowded targets mentioned above.

Theres a small volume gap with a nice OB to use as support, right below the recent swing low ( green box ) and i will be layering my bids in this area.

I do not think we will take out the lows, so ill place my stop there.

Looking to close somewhere in the gray box above.

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A deeper look into the reasoning behind this position:

Almost 4000 coins margin long in the last 7D 8H

Price has made 3 consecutive HL's since the swing low were targeting.

Ask yourself, if you were one of these traders, where would you place your stop?

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Also ask yourself, if i am still on the sidelines, and i watch this swing low break - where am i looking to buy?

My bet would be you're targeting one of the crowded trades i mentioned earlier.

Toss in the fact that we will have a group of late bears shorting this area, and we have the perfect recipe for a nice bounce.

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Bearish Engulfing daily in the works

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Someone just opened a 750BTC short lol

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This was just downright rude lol.. this is who were playing against guys, spend 2 days lulling you to sleep with low volume bullish pattern ( ascending triangle ) and start ramping up the volume right at the daily close. Once it opens "pop the stops" and then crush it downwards - dont fall for this stuff

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I really try to avoid using indicators if possible, except for a last level of confluence, but heres some bull divergence on both ETH and BTC

Trade active

Bids filled

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Falling Wedge w RSI Divergence + SFP ?

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Worked out fantastically

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Im just as happy as the rest of the crypto world about this, but i am definitely hedging my position here, will close the hedge once the market makes a HL

BeetCorn

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