Short BTC! Longs just got trapped
We're currently well above the VAH (blue dotted line). BTC has failed multiple times to break through the top of the horizontal channel. These are signs of weakness.
What's more, on the above image, you can see a wick above the channel on high volume, which means a lot of longs have opened at the top. Right after, we see a rejection on high volume. This means all the longs that have just opened are now trapped. If price reverts to their entry level, they are likely to close their long, adding selling pressure. That is IF they get that chance...
The other scenario is that price does not revert to their entry level, but instead moves down further. In that case they'll get liquidated, also adding massive selling pressure.
I'm targeting lower levels. Always use multiple TPs and move SL to entry once TP1 is hit.
The other scenario is that price does not revert to their entry level, but instead moves down further. In that case they'll get liquidated, also adding massive selling pressure.
I'm targeting lower levels. Always use multiple TPs and move SL to entry once TP1 is hit.
Comment:
TP1 hit 💰
Comment:
A upward sloping triangle formed, which seems to be breaking down. The lower support line has been retested.