BTCUSDT
Apologies for the fraudulent sounding title. We have a lovely shot at a BTC long.
Despite the consolidation and the bearish looking conditions, on all higher TF, there is a strong sign of bullish pattern and uptrend price movement while not completely bullish, selling volume has died down significantly and we are likely accumulating for a up leg move.
Looking at the current zone, local swing high sets a good precedence for future resistance in moving up and local swing low looks like a strong spring move. Furthermore, there are many imbalances above and it is likely we will be back to fill them. Entry is placed at short term imbalance, we will stomach a greater risk appetite today and will look for an impulse move to head back towards the 30K regions.
Entry was also the .618 retracement level after dragging local swing high and low. I like to think of price action as a fire and volume as the firewood. This is a medium term play and I expect that overall for the following months, BTC will likely be in a downtrend as we retrace and clear imbalances.