BTC: Y'all Bullish?

When everyone expects the same result from it usually does one thing—the complete opposite.

Potential 2:1 trade opportunity here before bigly LONG.

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3:1*

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The setup is looking lovely. Let's see if this plays out. I'm still net short.

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I moved my stop loss to 7850 since my average entry price is higher up now. Wouldn't want to be wicked out if this scenario proves to be true.

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A daily close below 7500 confirms this thesis, while a close above 7740 may deny it for the short term. Wicks are fine—I'm looking for closes.

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Potential shorts stopped/trapped longs & impulse wave completed. Time to see if correction waves plays out next to stop longs/trap shorts before June's real upside move.

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NOTE: There's nothing statistical about Elliot Waves no matter what anyone says. I literally just used them to illustrate a bias.

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I want to see a solid close below the previous breakout (~7500) for more validation.

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Daily candle closed below 7500 and shorts continue to pile up. Sub 7k still on the table.

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Update: Low volume on the upside

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I'm hedging my shorts here and will start to build longs slowly. This seems like a Wyckoff Spring setup so I'm expecting an upside for June. First sign of weakness, I will switch back to short.

Trade closed manually

bdossantos

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