Short Idea.
BTC has been in a daily uptrend since the beginning of 2023, and has built a distribution > 27K. To note, there are 3 distributions visible on the chart, indicating values has been built at these areas. Price seems to have slowed down in this top distribution, and R:R feels skewed downside.
Price is currently right in the middle of the top distribution, and I think price has stalled in this top distribution. Potential to start cleaning up the single prints below 27K - 25K.
Short targets: 28.2K / 28.6K
Profit targets: 27K / 26.5K / 25.5K
Trade is invalidated > 28.6K.
BTC has been in a daily uptrend since the beginning of 2023, and has built a distribution > 27K. To note, there are 3 distributions visible on the chart, indicating values has been built at these areas. Price seems to have slowed down in this top distribution, and R:R feels skewed downside.
Price is currently right in the middle of the top distribution, and I think price has stalled in this top distribution. Potential to start cleaning up the single prints below 27K - 25K.
Short targets: 28.2K / 28.6K
Profit targets: 27K / 26.5K / 25.5K
Trade is invalidated > 28.6K.
Trade active:
STO /MBTM23:XCME @28585.00
SL 29000
SL 29000
Trade closed: stop reached:
I'm out!