$BTC Showing signs of distribution within 8600$-10380$ Range
Updated
BTC/USD Key things to put into consideration:
1. Price stuck on the HTF at 8600$ - 10380$ range for almost 2 moths & showing signs of distribution, which was hard to spot at first.
2. Multiple attends to break above 10000$ failed.
3. Since 7800$ price was going up - volume down.
4. Sell volume always!! stronger than buying.
5. Multiple untouched levels below 7200$ since Black Swan V-shape recovery.
6. 1W Chart Market Structure still not broken - clear break & retest of 10500$ on HTF will be bullish - but 3 clear fails once again.
7. Looking for test of range lows into opening of Q3 and expansion out of the rage.
8. Traditional Equities all looking toppy - wave 2 of pandemic and BTC will follow everything else.
Targeting 7250$ - would be a lovely area to to open longs.
1. Price stuck on the HTF at 8600$ - 10380$ range for almost 2 moths & showing signs of distribution, which was hard to spot at first.
2. Multiple attends to break above 10000$ failed.
3. Since 7800$ price was going up - volume down.
4. Sell volume always!! stronger than buying.
5. Multiple untouched levels below 7200$ since Black Swan V-shape recovery.
6. 1W Chart Market Structure still not broken - clear break & retest of 10500$ on HTF will be bullish - but 3 clear fails once again.
7. Looking for test of range lows into opening of Q3 and expansion out of the rage.
8. Traditional Equities all looking toppy - wave 2 of pandemic and BTC will follow everything else.
Targeting 7250$ - would be a lovely area to to open longs.
Trade active
Slowly Grinding down arming new HL's on our way to range low's at 8600$. Idea still valid. Maybe another week of chop.
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