BITCOIN forecast for the week of 12-17-23
*Please note that the prices discussed in this idea are from the MEXC exchange and that your exchange pricing may be different due to the spread and arbitration.*
I think that the week ahead is going to be relatively choppy. I'm still net short at the moment (Please see previous idea) but I can still play intraday/intra-week ups and downs.
There is an interesting dynamic getting set up here:
- Small sell-side liquidity is likely to be formed around the 42100 region (Do not trade this because we need verification first that this is going to be the fact). Ideally we see shorts getting trapped around that 42100 region two more times before we go back into the genesis OB/FVG of the move, and actually make the move down.
- 42672 is the price I'm looking to short from, with a target of 41705. SL is a bit above the high at 42765.
- We will then long from 41705 with an SL of 41635 back up to the high of the previous move, 42757.
-The above two range moves will set up a likely ascending channel. Expect fakeout moves to the upside first and then to the downside.
-WE DO NOT SHORT BACK DOWN - this is important because the move that takes us down to that target is a move that you would have had to already been in from 43448 on Dec 14th. (That is the net short position I am currently in from my previous idea.)
-We can position ourselves to be net long from 40487, SL just right below the low at 40230 and take out the 44800 high.
I do expect some additional increase in BTC beyond that, but it's too risky to be in a position while price goes through price discovery to the upside.
I think that the week ahead is going to be relatively choppy. I'm still net short at the moment (Please see previous idea) but I can still play intraday/intra-week ups and downs.
There is an interesting dynamic getting set up here:
- Small sell-side liquidity is likely to be formed around the 42100 region (Do not trade this because we need verification first that this is going to be the fact). Ideally we see shorts getting trapped around that 42100 region two more times before we go back into the genesis OB/FVG of the move, and actually make the move down.
- 42672 is the price I'm looking to short from, with a target of 41705. SL is a bit above the high at 42765.
- We will then long from 41705 with an SL of 41635 back up to the high of the previous move, 42757.
-The above two range moves will set up a likely ascending channel. Expect fakeout moves to the upside first and then to the downside.
-WE DO NOT SHORT BACK DOWN - this is important because the move that takes us down to that target is a move that you would have had to already been in from 43448 on Dec 14th. (That is the net short position I am currently in from my previous idea.)
-We can position ourselves to be net long from 40487, SL just right below the low at 40230 and take out the 44800 high.
I do expect some additional increase in BTC beyond that, but it's too risky to be in a position while price goes through price discovery to the upside.
