TLDR: If there is any chance of breaking up we must go way down first.
Currently the BTCUSD pair is enjoying a band of bids on the DTF. We've completed another range, initiation, mitigation cycle and waiting for continuation. This pair has tried unsuccessfully numerous times to drop below and retest support (dashed green lines). There is a sizeable amount of asks below 40,130 combined with weak hand sell off which, if broken, will drop BTC below to retest support at 32,484. Bids located between 32,484 and 28,820 however liquidity is shallow. Likely scenario would be to wick down to 28,820 from 32,484 to retest support and grab those bids. After confirmation retest of 32,484 from wick down look for BTC to range for liquidity once traders realize bottom is in. Less risky would be to wait until above 40,000 support turned resistance. Least risk to go long would be above the 53,000 area unless trading the pullbacks, as an area of great concern is the amount of asks in the 48,000-52,000 range, (yellow bordered box), and fenced in by strong resistance. According to Vwap map and order block indicators plus several reports including one from Forbes there are tens of millions in dollars of asks above 46,000. Well over $20 mil between 48,000-52,000 alone. Located in the zone is a large order block that will make it a very turbulent range. Take note of where the order blocks are (Dotted lines. Green is good for entry, yellow indecisive and red for exiting if looking for entry and exit points.) as that indicates where the big money interest from institutions and banks is located. Narrow one placed between 38,413-37,555 but as I mentioned before, there is going to be allot of institutional interest above 50,000. Note that on HTFs order blocks are predictive to an extent, I'll update post with LTF and it will be self explanatory.
Hope you find the chart informative, have a great day and trade safe. Keep your powder dry ATM...
Currently the BTCUSD pair is enjoying a band of bids on the DTF. We've completed another range, initiation, mitigation cycle and waiting for continuation. This pair has tried unsuccessfully numerous times to drop below and retest support (dashed green lines). There is a sizeable amount of asks below 40,130 combined with weak hand sell off which, if broken, will drop BTC below to retest support at 32,484. Bids located between 32,484 and 28,820 however liquidity is shallow. Likely scenario would be to wick down to 28,820 from 32,484 to retest support and grab those bids. After confirmation retest of 32,484 from wick down look for BTC to range for liquidity once traders realize bottom is in. Less risky would be to wait until above 40,000 support turned resistance. Least risk to go long would be above the 53,000 area unless trading the pullbacks, as an area of great concern is the amount of asks in the 48,000-52,000 range, (yellow bordered box), and fenced in by strong resistance. According to Vwap map and order block indicators plus several reports including one from Forbes there are tens of millions in dollars of asks above 46,000. Well over $20 mil between 48,000-52,000 alone. Located in the zone is a large order block that will make it a very turbulent range. Take note of where the order blocks are (Dotted lines. Green is good for entry, yellow indecisive and red for exiting if looking for entry and exit points.) as that indicates where the big money interest from institutions and banks is located. Narrow one placed between 38,413-37,555 but as I mentioned before, there is going to be allot of institutional interest above 50,000. Note that on HTFs order blocks are predictive to an extent, I'll update post with LTF and it will be self explanatory.
Hope you find the chart informative, have a great day and trade safe. Keep your powder dry ATM...
Comment:
Same idea in LTF more clearly showing where the money is at. Green is good! All that magenta color above is asks. What's interesting to note is the order blocks in the 30,000s. Green is bids, red is asks. Institutional and banks are going to sell before they buy lower, but notice the big green band of retail bids right above where the selloff of institutional money is. Retail going to get rekt if not aware. One probability is there are a bunch of shorts sitting right there. Be careful going long until this is over.Trade safe...
Comment:
It doesn't get bleaker than this !HRTF chart... BTCUSD is in dead space here.